The Central Bank of Kenya (CBK) has licensed 19 more digital credit providers, bringing the total number of licensed DCPs to 58.
The regulator says it has received more than 550 applications since the process begun in March 2022.The regulation process followed questions on business models, consumer protection, and leadership in the then unregulated and rapidly expanding sector.In March, CBK issued permits to 19 digital credit players including Lipa Later, Fortune, and Zillions Credit.The newly licensed companies include Mogo Auto, ED Partners Africa, Ismuk, Stride Credit, Payablu, and Progressive.
“Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation,” Central Bank said in a statement on Thursday.
