By Peter Ochieng

The Central Bank of Kenya (CBK) has so far approved 10 digital credit lenders, out of 288 received applications from various companies.

The number represents CBK approvals as of September 17, 2022. CBK in March 2022 directed unregulated digital credit lenders to apply for licences by September 17.

CBK in a statement on Monday however said the process of reviewing further applications is ongoing. The number may eventually go up.

“Other applicants are at different stages in this process, largely awaiting the submission of requisite documentation. This means that the list might go higher than 10 companies and there is a high chance that the majority of them could get rejected,” said CBK.

Applicants who are yet to be approved have been directed to provide relevant documents, to expedite the process.

“We urge these applicants to submit the pending documentation expeditiously to enable the completion of the review of their applications. All other unregulated DCPs that did not apply for licensing must cease and desist from conducting digital credit business.”

The 10 approved digital lenders are

Ceres Tech Limited,

Getcash Capital Limited,

Giando Africa Limited – trading as Flash Africa Limited,

Jijenge Credit Limited,

Kweli Smart Solutions Limited,

Mwanzo Credit Limited,

Mywagepay Limited,

Rewot Limited,

Sevi Innovation Limited

Sokohela Limited.

Most kenyans rely on different digital lenders because of harsh economic standards that have seen a sharp rise in the prices of basic commodities.