Tala, M-Kopa, Letshego among 12 latest digital lenders licensed by CBK

for Tv47 Digital January 30, 2023, 12:38 PM
CBK licenses new digital lenders. TV47
Tala, M-Kopa, Letshego among 12 digital lenders licensed by CBK. PHOTO/COURTESY

In Summary

  • CBK says it is acting on numerous complains over high interest charged by digital lenders.
  • More than 350 digital lenders have submitted application for licensing by CBK.

Central Bank of Kenya (CBK) has licensed 12 more digital lenders including Tala, M-Kopa, Zanifu and Letshego.

"This brings the number of licensed DCPs to 22 following the licensing of 10 DCPs announced in September 2022. CBK has received 381 applications since March 2022 and has worked closely with the applicants in reviewing their applications," CBK said in a statement on Monday, January 30.

Other licensed lenders are; Jumo Kenya Limited, MFS Technologies Limited, Mycredit Limited, Natal Tech Company Limited, Ngao Credit Limited, Pezesha Africa Limited, Umoja Fanisi Limited and Tenakata Enterprises Limited.

Some of the previously approved lenders include; Ceres Tech Limited, Getcash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa), Jijenge Credit Limited, Kweli Smart Solutions Limited and Mwanzo Credit Limited.

The regulator insisted it was keen on following laid protocols before approving the digital money lenders.

"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," read part of the statement.

CBK says the new licensing process is meant to address complaints over high interest rates.

"The licensing and oversight of DCP's as indicated previously, was precipitated by concerns raised by the public about the predatory practices of the unregulated DCP's, and in particular, their high cost, unethical debt collection practices, and the abuse of personal information," the regulator said.

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