Digital Credit Providers (DCPs) allowed to operate in Kenya have increased in number to 85. The Central Bank of Kenya (CBK) approved an additional 20 DCPs in September 2024 after licencing seven more in June 2024....CLICK HERE TO READ THE FULL ARTICLE
Why CBK is regulating mobile loan apps
CBK said the 27 additional mobile loan providers are among the 730 lenders who applied for licensing in 2023 and have yet to receive approval.
“The Central Bank of Kenya (CBK) announces the licensing of an additional 27 Digital Credit Providers (DCPs). This brings the number of licenced DCPs to 85 following the last licencing of seven DCPs as announced in June 2024,” CBK explained in a press statement on Tuesday, October 1.
As the number of DCPs licensed to operate grows, Kenyans have been urged to be vigilant about loan apps.
Speaking exclusively to TUKO.co.ke, cyber and information security consultant Allan Lwala warned Kenyans to be careful since most loan apps are prone to attacks.
“Most digital loan apps are developed independently with no oversight or regulation. This means that there might be vulnerabilities in the code that attackers can exploit. These can lead to access to their systems and client information. Bad actors can then use this information however they please.
“Your personal information is like a secret; once it is shared, it is no longer a secret,” Lwala explained.
CBK said the newly licensed DCPs submitted all the required documents, urging the remaining applicants to submit the pending documentation to enable completion of the review of their applications.
Which new mobile apps received CBK license?
Below is the list of newly licensed loan apps:
| 1. Bytech Credit Limited | 14. Pesaglow Capital Limited |
| 2. Dreamlife Technology Limited | 15. Pesakuu Credit Limited |
| 3. Ellegant Credit Limited | 16. Phoenix Capital Limited |
| 4. Fahari Point Capital Limited | 17. Premier Credit Limited |
| 5. Fincorp Credit Limited | 18. Puphik Credit Limited |
| 6. Hela Capital Limited | 19. Radi Credit Limited |
| 7. Inspire Credit Limited | 20. Simplepay Capital Limited |
| 8. Lenana Innovative Solutions Limited | 21. Siti Mobility Technologies Limited |
| 9. LockBx Limited | 22. Sure Cred Capital Limited |
| 10. MCF 2 Kenya Limited | 23. Tanir Credit & Accounting Services Limited |
| 11. Momentum Credit Limited | 24. Tip-Point Capital Limited |
| 12. ODI Credit Limited | 25. Treasure Store Limited |
| 13. Opal Quick Limited |
The Central Bank of Kenya (CBK) recently published the banking supervision report, which provides a holistic picture of the country’s financial sector.
CBK stated that it continuously engages with licensed DCPs and licence applicants to ensure adherence to the relevant lawsโฆCLICK HERE TO READ MORE ARTICLES>>>
Discover more from ๐น๐ฟ๐ธ๐ธ๐ฆ๐ฟโ๐๐๐ธ๐
Subscribe to get the latest posts sent to your email.