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7 More DCPs Meet CBK Requisite Measures to Operate in Kenya

The Central Bank of Kenya (CBK) has licensed an additional 7 Digital Credit Providers (DCPs), bringing the total number of licensed providers to 58.

The approval is under Section 59(2) of the Central Bank of Kenya Act (CBK Act).

This brings the number of licensed DCPs to 58 in Kenya following the licensing of 19 DCPs announced in March 2024.

“CBK has received more than 550 applications since March 2022 and has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner,” said the apex bank in a statement Thursday.

The focus of the engagements has been on business models, consumer protection, the fitness and propriety of proposed shareholders, directors, and management.

Also Read: Mobile Lenders in Kenya Now 51 After New Approvals

Pending Approvals

The involvement of the data protection office is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded.

“We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process.”

According to the CBK, the approval of the remaining DCPs is pending due to missing requisite documents.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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