Aston Lukoye
Users of popular mobile loan apps Tala and Branch were left celebrating after the Central Bank of Kenya (CBK) published a list of digital credit providers (DCPs) that have been licensed to operate in Kenya.
The regulator published a list that had only10 DCPs allowed to operate despite receiving application of 288.
CBK however stated that the vetting process had only began and more DCPs will be listed before the 17 September deadline set for compliance is reached.
“Other applicants are at different stages in this process, largely awaiting the submission of requisite documentation,” said part of the statement issued by the CBK.
The ten applicants that have their licenses renewed include Ceres Tech Limited, Mwanzo Credit Limited, MyWagepay Limited, Rewot Ciro Limited, Sevi Innovation Limited and Getcash Capital Limited.
Others are Glando Africa Limited (Trading as Flash Credit Africa), Jijenge Credit Limited and Kweli Smart Solutions Limited and Sokhela Limited.
The DCPs are required to provide a Certificate of Incorporation, Memorandum and Articles of Association of the applicant and that of any significant shareholder before they are relicensed.
Mobile loans has been growing exponentially over the last couple of years. A report released late last month showed that Kenyans borrowed an average of Sh1.6billion daily from Safaricom’s overdraft service, Fuliza, in the six months to June this year.
