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The licensing of digital credit providers by the Central Bank of Kenya (CBK) has opened the floodgates of new funding to the non-deposit taking entities.

The Central Bank of Kenya (CBK) has granted operating licences to 12 more digital lenders, bringing the total to 22. With 381 applications received since March 2022, the CBK also announced that it's evaluating more digital lenders. More in #TCDaily.

Among the newly licensed lenders are Tala, M-Kopa, Tenakata and Zanifu.

This brought the total number of approved DCPs to 22- following the licensing of 10 credit providers in September 2022.

The Central Bank of Kenya (CBK) has licensed 12 Digital Credit Providers (DCPs) bringing the number of licensed DCPs to 22

Kenyans are giving tales of pain including the sale of personal assets to get creditors off their backs.

NAIROBI, Kenya, Oct 1 – The Central Bank of Kenya (CBK) Governor Patrick Njoroge has lauded President Ruto’s directive to the Treasury and ministries to Kenya breaking news | Kenya news today |

CBK ordered all unregulated lenders who did not apply for the licences to cease operations.

In the recent past, there has been an increase in digital lending most households have adopted this kind of borrowing to get by on daily expenses. Due to the flooded market of digital lenders, Kenyans have in the past fallen victim to credit fraud that includes high-interest rates, rollover fees, and hidden charges when receiving credit. Also, unauthorized Digital Lenders have been found to abuse personal information as well as enforce unethical debt collection practices.

CBK noted that ten mobile lenders had been approved out of the 288 applications that had been filed since March 2022.