mobile loan apps
The Central Bank of Kenya (CBK) has licensed 19 new Digital Credit Providers (DCPs) bringing the total number of licensed DCPs to 51.
In a statement on Wednesday CBK said the new licenses are pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act).
“The Central Bank of Kenya (CBK) announces the licensing of additional 19 Digital Credit Providers (DCPs). This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act). This brings the number of licensed DCPs to 51 following the licensing of 32 DCPs announced in March 2023,” read the statement in part.
CBK announced that it had received 480 applications since March 2022 and has worked closely with the applicants and other stakeholders in reviewing the applications.
“The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and …