The Central Bank of Kenya(CBK) has directed unregulated digital lenders to cease operations in the country following the lapse of the 6-month registration period that required them to comply with the Digital Credit Providers regulations.
Under the said regulations, all digital lenders were expected to apply for licenses from the banking regulator on or before September 17, 2022.
So far, the Central Bank of Kenya has licensed 10 applicants as digital credit providers, pursuant to the CBK Act and the Regulations.
These include Ceres Tech Limited, Getcash Capital Limited, Giando Africa Limited, Jijenge Credit Limited, Kweli Smart Solutions Limited, Mwanzo Credit Limited, MyWagepay Limited, Rewot Ciro Limited, Sevi Innovation Limited and Sokohela Limited.
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 completion of the review of their applications said CBK.