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.
