Kenya’s central bank approved 29 additional digital credit providers, taking the licensed total to 281. The approvals extend a licensing programme that began after complaints about borrowing costs, debt collection and personal-data misuse. Licensed providers had issued loans worth 165.1 billion Kenyan shillings by August; other applications still await documents.
Kenya’s central bank licensed 29 additional digital credit providers on September 30, bringing the total to 281. The providers conduct lending predominantly through digital channels. The central bank had announced licenses for another 25 providers in July. Its latest decision cites the Central Bank of Kenya Act as the legal basis for the approvals.[1], [2]
The bank has received more than 900 applications since March 2022. Reviews cover business models, consumer protection and the suitability of proposed shareholders, directors and managers. The bank says the programme aims to secure legal compliance and protect customers’ interests. Oversight followed public complaints about unregulated lenders, including high borrowing costs, unethical debt collection and misuse of personal information. Other applications remain under review, largely while necessary documents are outstanding.[1]
Licensed providers had granted 9,596,509 loans worth 165.1 billion Kenyan shillings by August 2026, according to the central bank. Lending takes place predominantly through digital channels, including USSD codes. Products include education and business loans, short-term personal loans, development loans and asset financing. Members of the public can report unregulated providers to the central bank. The bank also acknowledged other regulators and agencies’ support in the licensing process.[1]
