The number of regulated digital lenders in Kenya has risen to 32 after 10 more were granted licences by the Central Bank.
The newly licensed lenders are Zenka Digital, Okolea International, Giando Africa (Flash Credit Africa) and Risine Credit. Others are Anjoy Credit, Asante FS East Africa, Colkos Enterprises, EDOMX Limited, Extend Money Service, Fourth Generation Capital and Little Pesa.
A section of the digital lenders were given the licences in January and September. Ceres Tech, Getcash Capital, Jijenge Credit, Kweli Smart Solutions, Mwanzo Credit, MyWagePay Limited, Rewot Ciro, Sevi Innovation and Soko Hela got regulatory approval September last year.
Inventure Mobile (Tala), Jumo Kenya, Letshego, MFS Technologies, Natal Tech, Ngao Credit, Pezesha Africa, Tenekata Enterprises, Umoja Fanisi, Zanifu, Mycredit Limited and M-Kopa Loan got their licences in January
The Centrel Bank of Kenya says it has been scutinising 401 applications since March last year, looking at aspects such as business models, consumer protection tools and the fitness and propriety of proposed shareholders, directors and management.
“Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation,” the CBK said.
“We urge these applicants to submit pending documentation expeditiously to enable completion of the review of their applications.”