The Central Bank of Kenya has licensed an additional 41 Digital Credit Providers (DCPs) under Section 59(2) of the Central Bank of Kenya Act, bringing the total number of licensed DCPs to 126 following the previous licensing of 27 DCPs announced in October 2024. CBK reported receiving more than 700 applications since March 2022 and said it has worked with applicants and engaged other relevant regulators and agencies, including the Office of the Data Protection Commissioner. The licensing assessment has focused on business models, consumer protection, and the fitness and propriety of proposed shareholders, directors, and management, against a backdrop of public concerns about predatory practices by unregulated DCPs, including high costs, unethical debt collection, and abuse of personal information. Other applicants remain in the pipeline and are largely awaiting submission of required documentation, which CBK urged them to provide to complete the review process.
Central Bank of Kenya 2025-06-05
Central Bank of Kenya licenses 41 additional digital credit providers taking the total to 126
The Central Bank of Kenya has licensed 41 more Digital Credit Providers (DCPs), raising the total to 126. The licensing process, started in March 2022, involved collaboration with other regulators and focused on business models, consumer protection, and stakeholder suitability amid concerns over predatory practices by unregulated DCPs. Remaining applicants are urged to submit necessary documentation to complete the review process.