Back in 2021, CBK Amendment Bill, 2021 was signed into law by the former President of Kenya Uhuru Kenyatta.
This meant that online lenders would be policed by the CBK, and there were a ton of regulations that they had to subscribe to.
Just as a reminder, the CBJ announced that the transition period for all operating unregulated online lenders to apply for a CBK license ended on September 1, 2022.
The period required all digital lenders (unregulated) to apply for a license within a period of six months following the publication of the CBK Regulations.
The regulations were published on March 18, 2022. This is also the time that all online lenders were requested to apply for a license.
So far, CBK said it received 288 applications.
It worked with the applicants over the last six months during the review process. The CBK also engaged other regulators, including the office of the Data Protection Commissioner.
To this end, 10 applicants have been approved and licensed. Others are at different stages of the review process.
Now, this is the list of licensed online lenders that are allowed to offer digital loans to Kenyans:
- Ceres Tech Limited
- Getcash Capital Limited
- Giando Africa Limited, trades as Flash Credit Africa
- Jijenge Credit Limited
- Kweli Smart Solutions Limited
- Mwanzo Credit Limited
- MyWagepay Limited
- Sevi Innovation Limited
- Rewot Civo Limited
- Sokohela Limited
To note, some of these companies may have their loan apps under different names in the Play Store. We are in the process of looking into them for more accurate names.