10 Lenders Approved By Central Bank Of Kenya

10 Lenders Approved By Central Bank Of Kenya

In a recent development that has the Central Bank of Kenya (CBK)  declare a cease of operations of digital lenders who are not registered with the CBK. Here are the only approved digital lenders the CBK approved of.

  1. Ceres Tech Limited
  2. Getcash Capital Limited
  3. Giando Africa Limited, trades as Flash Credit Africa
  4. Jijenge Credit Limited
  5. Kweli Smart Solutions Limited
  6. Mwanzo Credit Limited
  7. MyWagepay Limited
  8. Sevi Innovation Limited
  9. Rewot Civo Limited
  10. Sokohela Limited

Last year, the CBK’s Amendment Bill of 2021 was signed into law by Uhuru Kenyatta, the former president of the East African nation.With the Bill signed, amongst other regulations stated on the bill, the CBK obtained the right to police online lenders.Recently the central bank made an announcement of its transition period deadline, according to the institution all unlicensed digital lenders must apply for the CBK licence must make the application on or before the 1st of September.During this period, it was required that all digital lending platforms that have not applied for the licence should act within necessary and apply for the claim within six months after the announcement.The announcement was made on the 18th of March year 2022, which gave the lenders enough time to apply for the licence.

According to the CBK, the institution has so far received about Two hundred and Eighty-eight.

The CBK has been working with the fintechs for the past six months as it reviewed the licencing process. It had begun to enforce other regulations even the Data Protection Commissioner.

According to the CBK, the above-listed digital lending institutions have been approved and licenced, the other institutions that have applied are now at different stages of the application review process.

More information on licencing and digital lending institutions is yet to come. A further update will be published soon.