Mobile Lenders in Kenya Now 51 After New Approvals

The Central Bank of Kenya (CBK) has approved 19 new mobile lenders in Kenya, bringing the total number of licensed mobile lenders in the country to 51.

These newly approved mobile lenders join the existing 32 that are regulated.

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

Below are the 19 newly approved Mobile Lenders by the CBK:

Autocheck Limited

Azura Credit Limited

Chapeo Capital Limited

Chime Capital Limited

Creditarea Capital Limited

Decimal Capital Limited

Dexintec Kenya Limited

Factorhouse Limited

Fazotech Kenya Limited

Fortune Credit Limited

Lipa Later Limited

Lobelitec Credit Limited

Maralal Ledger Limited

Marble Capital Solutions Limited

MKM Capital Limited

Pi Capital Limited

Senti Capital Limited

UbaPesa Limited

Zillions Capital Limited

Licensing DCPs implies complying with regulatory requirements, particularly concerning data protection.

Also Read: CBK licenses only 10 out of 288 mobile lenders to operate in Kenya – see full list

“The focus of the engagements has been inter allia on business models, consumer protection and fitness and propriety of proposed shareholders, directors and management. This is to ensure adherence to the laws and importantly that the interests of the customers are safeguarded,” the statement read in part.

Under section 72 of the Data Protection Act, data controllers are obliged to safeguard personal information collected, processed, or stored by the data processor.

Any unauthorized disclosure of personal data without prior authorization constitutes an offense under the law.

CBK received 480 applications since March 2022 and has worked closely with the applicants in reviewing their applications.

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Collins Ogutu

Nairobi based Digital Journalist, Corporate Communication Expert and Digital Marketer with a wealth of experience in multimedia. Accredited member of the Media Council of Kenya.

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