The Central Bank of Kenya (CBK) has issued a list of 10 Digital Mobile money lenders that have been licensed and authorized to offer digital credit services in Kenya. These companies have met all all the requirements and have agreed to adhere to money lending regulations issued by the Central bank.
While speaking during the launch on Monday 19th, the central bank Governor Dr. Patrick Njoroge stated that unlicensed mobile money lenders are not allowed to do business in Kenya as their license ended on September 1, 2022.. It only after they have been cleared that they will be able to do business.
Among those approved are Jijenge Credit Limited, Getcash Capital Limited, Ceres Tech Limited, Sevi Innovation Limited, Sokohela Limited among others.
List Of Approved Mobile Money Lenders In Kenya
Below is a list of all licensed digital money lenders in Kenya
- Ceres Tech Limited
- Getcash Capital Limited
- Giando Africa Limited, trades as Flash Credit Africa
- Jijenge Credit Limited
- Kweli Smart Solutions Limited
- Mwanzo Credit Limited
- MyWagepay Limited
- Sevi Innovation Limited
- Rewot Civo Limited
- Sokohela Limited
However, big players such as Branch, Tala and Zenka are missing. They have been reported to have failed to meet all the requirements to get approval from the central bank of Kenya.
In a statement issued to newsroom, Tala management stated that they remain committed to serve Kenyans through their mobile money lending services and that they are in the process of complying to the rules and regulations laid by CBK.
The CBK Governor Dr. Patrick Njoroge said the list of approved lenders will be updated on a monthly basis and that those will will meet the regulators standard will be added on the list.
Press release: Licensing of Digital Credit Providers pic.twitter.com/TZbYhkhigC
— Central Bank of Kenya (@CBKKenya) September 19, 2022
So far, CBK said it received 288 applications.
It worked with the applicants over the last six months during the review process. The CBK also engaged other regulators, including the office of the Data Protection Commissioner.
The central bank moved in to regulate the digital lenders after widespread outcry from the pubic. Many Kenyans had complained of unethical practices by the money lenders among them bridge of privacy and unethical methods the money lenders were using to recover loans.