The 10 digital lenders CBK has approved to operate in Kenya

The Central Bank of Kenya (CBK) has ordered all unlicensed Digital Credit Providers (DCPs) to cease and desist from conducting business in the country with immediate effect.

In a notice published on Monday, September 19, CBK said that it had approved only ten (10) DCPs out of the 288 applications received but is still in the process of reviewing more applications.

"CBK has received 288 applications since March 2022 and has worked closely with the applicants over the last six months in reviewing their applications. Other applicants are at different stages in this process, largely awaiting the submission of requisite documentation.

"We urge these applicants to submit the pending documentation expeditiously to enable the completion of the review of their applications. All other unregulated DCPs that did not apply for licensing must cease and desist from conducting digital credit business," CBK's statement reads.

The CBK took the decision to license all the digital lending companies following the rise of unregulated DCPs and in particular, their high cost, unethical debt collection practices, and the abuse of personal information.

The ten licensed operators are Ceres Tech Limited, Get cash capital, Jijenge credit, Giando Africa, Kweli smart solutions, Mwanzo Credi limited, Sokohela limited, Sevi Innovation, Rewot Ciro and MyWagepay limited.