The Central Bank of Kenya (CBK) on Monday, March 27, licenced 10 more Digital Credit Providers (DCPs) bringing the total number of licensed digital lenders to 32.
Zenka Digital Limited was one of the 10 DCPs that met the requirements introduced by the CBK as part of its efforts to streamline the digital lending sector.
The regulator has received over 400 applications since March last year when it started implementing the Central Bank of Kenya (Digital Credit Providers) Regulations, 2022.
The new law gave the CBK powers to supervise DCPs.
“The Central Bank of Kenya (CBK) announces the licensing of additional 10 Digital Credit Providers (DCPs). This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act). This brings the number of licensed DCPs to 32 following the licensing of 22 DCPs announced in January 2023,” the CBK announced in a public statement.
In September 2022, the CBK gave the first batch of 10 licences after a lengthy verification process. Another 12 DCP were licensed in January before adding another 10 in Monday’s announcement.
Since January 2023, the CBK has received 20 additional DCP licence applications bringing the total number of applications so far to 401. This means there are another 369 applications that are still under review.
“CBK has received 401 applications since March 2022 and has 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.
“Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation. We ask these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications,” a statement by the CBK reads in part.
Here are the 10 DCPs who received their new licences on March 27:
Read more about some of the changes that DCPs have to comply with here.