The Central Bank of Kenya (CBK) has announced the licensing of 41 additional Digital Credit Providers (DCPs), pursuant to Section 59(2) of the Central Bank of Kenya Act.

This brings the total number of licensed DCPs to 126, following a previous round of licensing in October 2024 which saw 27 providers approved.

Since March 2022, CBK has received over 700 applications.

In reviewing these, the Bank has worked closely with applicants and consulted relevant regulatory bodies and agencies, including the Office of the Data Protection Commissioner.

These engagements have primarily focused on applicants’ business models, consumer protection measures, and the fitness and propriety of proposed shareholders, directors, and senior management.

This approach is intended to ensure compliance with applicable laws and, crucially, the protection of consumers’ interests.

CBK acknowledges the cooperation of applicants and the support provided by other regulators and agencies throughout the process.

Details of the newly licensed DCPs are available online.

Other applications remain under review, pending the submission of required documentation.

CBK urges these applicants to provide the outstanding materials promptly to facilitate the completion of the evaluation process.

Featured image credit: Edited by Fintech News Africa, based on image by Wambui on Unsplash