By David Njoroge
The Central Bank of Kenya (CBK) has licensed 27 additional digital credit providers, raising the total number of approved lenders to 153.
CBK said it has received more than 700 applications since March 2022, with some still under review.
The regulator urged pending applicants to submit documentation quickly to complete the licensing process.
“The focus has been on business models, consumer protection and the fitness of proposed shareholders, directors and management,” said CBK in a statement on Thursday, September 4.
The move comes after public outcry over predatory practices by unregulated lenders.
Complaints have included high costs, unethical debt collection methods and misuse of personal information.
By June, licensed digital lenders had issued 5.5 million loans valued at Sh76.8 billion. Most operate through mobile platforms using Unstructured Supplementary Service Data codes and offer education loans, personal loans, business loans and asset financing.
