The Central Bank of Kenya (CBK) has approved 12 more Digital Credit Providers (DCPs), among them industry leader Inventure Mobile Limited which trades as Tala.
In a new round of approvals, after 10 DCPs were cleared in September last year, CBK said it had received a total of 381 applications since March last year.
This brings the total number of approved DCPs to 22, representing only five percent of the approval requests.
“Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation. We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications,” said CBK.
In a statement Monday, CBK said the additional DCPs will allow the safeguarding of customers’ interests and improve customer protection engagements.
“The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management,” read the statement from CBK.
“This is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process.”
The 12 newly approved mobile money lenders include Inventure Mobile Limited (Trading as Tala), Jumo Kenya Limited, Letshego Kenya Limited, MFS Technologies Limited, M-Kopa Loan Kenya Limited.
Others include Mycredit Limited, Tenakata Enterprises Limited, Natal Tech Company Limited, Ngao Credit Limited, Pezesha Africa Limited.
The final two licensed digital lenders are Umoja Fanisi Limited and Zanifu Limited.
The other 10 lenders who were licensed in September 2022 are Ceres Tech Limited, Getcash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa), Jijenge Credit Limited, Kweli Smart Solutions Limited, Mwanzo Credit Limited, MyWagepay Limited, Rewot Ciro Limited, Sevi Innovation Limited and Sokohela Limited.