Kenya’s banking industry regulator has given 10 more digital loan providers the greenlight to rollout their services bringing to 32 the number of licensed digital credit firms.
In January, the Central Bank licensed 22 digital credit providers the nod to carry out their business from the 401 applications received in March last year. In the licensing due diligence, the CBK said it has been liaising with other agencies pertinent to the licensing including the Office of the Data Protection Commissioner.
“The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors and management,” said CBK.
The 10 licensed digital providers are: Anjoy Credit Ltd, Asante FS East Africa Ltd, Ceres Tech Ltd, Colkos Enterprises Ltd, EDOMX Ltd, Extend Money Service Ltd, Fourth Generation Capital Ltd, Getcash Capital Ltd, Giando Africa Ltd (Trading as Flash Credit Africa), and Inventure Mobile Ltd (Trading as Tala).
The CBK urged other applicants to submit requisite documentation to accelerate determination of their applications.