The Central Bank of Kenya has granted approval to 12 digital credit providers to operate in the country. There are now 22 digital credit providers approved by the CBK following the 10 that received approval in September 2022.
Some of the approved digital lenders include Getcash Capital Limited, Giando Africa Limited, Kweli Smart Solutions Limited, Jumo Kenya Limited, MFS Technologies Limited, and M-Kopa Loan Kenya Limited. An updated list of all approved lenders are in this document provided by the CBK.
According to the bank, it has received 381 applications since March 2022, with only 22 companies receiving approvals since then. The regulator also hinted that more approvals will be granted pending the submission of certain documentation.
"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."