Big names in the digital credit providers (DCPs) hierarchy were noticeably missing from the regulator’s initial shortlist of licences to operate in Kenya after the September 17 application deadline.
Central Bank of Kenya (CBK) had in January directed all DCPs in the country to apply afresh for licenses as part of a vetting exercise meant to weed out dodgy mobile loan firms that were violating and abusing their privileges. Out of the 288 applications received by the regulator, only 10 DCPs have been accepted in the early list by the CBK, with the likes of Tala, Branch and Zenka mobile apps among other big names noticeably missing from that list.
“CBK has received 288 applications since March 2022 and has worked closely with the applicants over the last six months in reviewing their applications. So far, 10 applicants have now been licensed as DCPs, pursuant to the CBK Act and the Regulations,” noted the regulator in a statement Monday.
The regulator, however, clarified on Monday that other applicants will be listed over a non-specified period of time as it continues with the vetting process of the applications filed before it which are at different stages.
The 10 listed firms include Ceres Tech Ltd, Getcash Capital Ltd, Glando Africa Ltd (Trading as Flash Credit Africa), Jijenge Credit Ltd, Kweli Smart Solutions Ltd, Mwanzo Credit Ltd, MyWagepay Ltd, Rewot Ciro Ltd, Sevi Innovation Ltd and Sokhela Ltd.
The six-month process began in March following a public participation procedure on the draft Digital Credit Providers Regulations that followed December 7, Presidential assent on the Central Bank of Kenya (Amendment) Act, 2021.