Digital loan apps have been undergoing a lot of scrutiny from regulators such as the Central Bank of Kenya ever since they started abusing user data and using private information to shame lenders into paying delayed loans.
Parliament would then institute new laws to regulate them, including key clauses under the CBK Amendment Act and Data Protection laws. For instance, digital lenders must put in place appropriate policies, procedures, and systems to ensure the confidentiality of customer information and transactions. They also shall not share customer information with any person without the customer’s consent.
Loan apps must ensure that the customer’s consent is obtained before the submission or sharing of credit information with a credit reference bureau.
They should have at least one physical office according to the provisions of the bill.
When collecting debts, it is illegal for loans apps to use threat, violence, or other criminal means to physically harm the person, or his reputation or property; use obscene or profane language; make unauthorized or unsolicited calls or messages to a customer’s contacts; improper or unconscionable debt collection tactic, method or conduct; any other conduct whose consequence is to harass, oppress, or abuse any person.
Approved loan apps
As of the end of January 2023, only 22 loan apps had been approved to run their operations. The CBK said it had received over 380 applications and is still in the process of assessing them.
Now, the regulator has added 10 more loan apps to the approved list, meaning there are 32 licensed digital lenders in the country.
They are:
1. Anjoy Credit Limited
2. Asante FS East Africa Limited
3. Ceres Tech Limited
4. Colkos Enterprises Limited
5. EDOMX Limited
6. Extend Money Service Limited
7. Fourth Generation Capital Limited
8. Getcash Capital Limited
9. Giando Africa Limited (Trading as Flash Credit Africa)
10. Inventure Mobile Limited (Trading as Tala)
11. Jijenge Credit Limited
12. Jumo Kenya Limited
13. Kweli Smart Solutions Limited
14. Letshego Kenya Ltd.
15. Little Pesa Limited
16. MFS Technologies Limited
17. M-Kopa Loan Kenya Limited
18. Mwanzo Credit Limited
19. Mycredit Limited
20. MyWagepay Limited
21. Natal Tech Company Limited
22. Ngao Credit Limited
24. Pezesha Africa Limited
25. Rewot Ciro Limited
26. Risine Credit Limited
27. Sevi Innovation Limited
28. Sokohela Limited
29. Tenakata Enterprises Limited
30. Umoja Fanisi Limited
31. Zanifu Limited
32. Zenka Digital Limited
