The Central Bank of Kenya has announced the licensing of the additional 10 Digital Credit Providers (DCPs).
The move according to the bank is in pursuant to section 59 (2) of the Central Bank of Kenya Act (CBK Act).
In a statement released on Monday, March 27 2023, the bank said
“This brings the number of licensed DCPs to 32 following the licensing of 22 DCPs announced in January 2023.
CBK has received 401 applications since March 2022 and have worked closely with the applicants in reviewing their applications. Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the office of the Data Protection Commissioner.”
The bank further explained that the focus of the Commissioner has been inter alias on business models, consumer protection and fitness and propriety of proposed shareholders, directors and management.
“This is to ensure the adherence to the relevant laws and importantly that the interest of customers are safeguarded,” the bank wrote in a statement.