NAIROBI, Kenya, Jun 6 – The Central Bank of Kenya (CBK) has granted licenses to an additional 41 Digital Credit Providers (DCPs), bringing the total number of licensed DCPs in the country to 126, up from 85 in October 2024.
The licensing is part of CBK’s broader push to instill order, transparency, and consumer protection in the country’s fast-evolving digital credit market.
“The Central Bank of Kenya (CBK) announces the licensing of an additional 41 Digital Credit Providers (DCPs). This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act),” CBK noted.
Since opening the application process in March 2022, CBK has received over 700 submissions.
The regulator has been working closely with applicants, in collaboration with key oversight bodies such as the Office of the Data Protection Commissioner, to vet companies based on business models, consumer protection frameworks, and the credibility of their leadership and ownership structures.
The drive to regulate the digital lending space was sparked by widespread public concern over the exploitative practices of unregulated lenders, including unethical debt collection methods and the misuse of personal data.
CBK emphasized that the licensing framework is not only about market control but also about restoring public trust and protecting borrowers from predatory lending.
The bank urged applicants with pending documentation to expedite their submissions in order to complete the licensing process.
