Jan 30, 2023

By In 2021, for instance, former President Uhuru Kenyatta signed the CBK Amendment Act, which outlines a ton of stringent regulations for loan apps. You can find more details about the laws in the link attached above. The regulations have come a long way in policing the industry; the CBK licensed 10 loan apps before the end of 2022,  and it suspended the operations for those that had not adhered to the law. These loan apps then raised their concerns just the other day, that the CBK was taking too long to issue them with licenses. To this end, it has been revealed that 12 more digital loan apps have been given a go-ahead to run their business. This is in accordance with Section 59(2) of the Central Bank of Kenya Act. This increases the number of licensed DCPs to 22, following the recent licensing of 10 DCPs announced in September 2022. The CBK has received 381 applications since March 2022 and has closely reviewed them in collaboration with the applicants. The CBK has also involved other relevant regulators and agencies in the licensing process, such as the Office of the Data Protection Commissioner. The discussions have centred on factors such as business models, consumer protection, and the qualifications of proposed shareholders, directors, and management, to ensure compliance with relevant laws and the protection of customer interests. The Bank says it appreciates the efforts of the applicants and the support from other regulators and agencies in this process. Full List of Licensed Loan apps Ceres Tech LTC Jijenge Credit