CBK Issues Licenses to 27 New Digital Lenders [LIST]

The Central Bank of Kenya (CBK) has announced the issuance of licences to 27 new digital lenders in the country.

In a statement dated Thursday, September 4, CBK listed Abito Limited, Ajax Credit Kenya Limited, Aspire Lending Ltd, Bossrich Credit Limited, Brisk Credit Limited, Easy Asset Management Limited, Easyways Credit Limited, Elevate Credit Limited, and Finseil Limited as some of the new lenders.

Other new digital lenders that will now be operating in the country are Futureinno Digital Tech Limited, Hanis Capital Limited, Lasiri Capital Limited, Leaf Credit Limited, Little Limited trading as SpotIt, Mayflower Capital Limited, and Mednow Capital Limited

CBK also licensed Moto Hope Capital Limited, Mwananchi Credit Ltd, Mular Credit Limited, Musoni Capital Limited, Otas Credit Limited, and Platinum Credit Limited.

Pembeni Cash Ltd, Reazilla DCP Limited, Suffice Ltd, Unidirect Ltd, and Zaidi Pato Limited were also licensed.

According the the regulator, with the licensing of the 27 new lenders, there are currently 153 approved digital lenders in the country.

CBK added that more lenders have made applications for licenses, with more companies expected to be issued in the coming days.

"CBK has received more than 700 applications since March 2022 and has worked closely with the applicants in reviewing their applications. The focus of the engagements with DCPs has been inter alia on business models, consumer protection, and fitness and propriety of proposed shareholders, directors, and management.

"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," read the statement in part.

Currently, licensed Digital Credit Providers  DCPs have granted 5.5 million loans valued at Ksh76.8 billion.

"Reports by the public on unregulated DCPs can be sent through dcps@centralbank.go.ke," CBK added.

"The licensing and oversight of DCPs as indicated previously, was precipitated by concerns raised by the public about the predatory practices of the unregulated DCPs, and in particular, their high cost, unethical debt collection practices, and the abuse of personal information."

Here are the 21 licensed digital lenders in a list

1. Abito Limited
2. Ajax Credit Kenya Limited
3. Aspire Lending Ltd
4. Bossrich Credit Limited
5. Brisk Credit Limited 
6. Easy Asset Management Limited
7. Easyways Credit Limited
8. Elevate Credit Limited
9. Finseil Limited
10. Futureinno Digital Tech Limited
11. Hanis Capital Limited
12. Lasiri Capital Limited
13. Leaf Credit Limited
14. Little Limited trading as SpotIt
15. Mayflower Capital Limited
16. Mednow Capital Limited 
17. Moto Hope Capital Limited
18. Mwananchi Credit Ltd
19. Mular Credit Limited
20. Musoni Capital Limited
21. Otas Credit Limited
22. Platinum Credit Limited
23. Pembeni Cash Ltd
24. Reazilla DCP Limited
25. Suffice Ltd
26. Unidirect Ltd
27. Zaidi Pato Limited