CBK approves 25 more digital lenders

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CBK approves 25 more digital lenders

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In a statement released on Tuesday, CBK revealed that it has received more than 800 applications since March 2022 and has continuously engaged with the applicants in reviewing their applications.

The Central Bank has described DCPs as institutions that carry out their lending activities digitally through Unstructured Supplementary Service Data (USSD) codes and loan products, including educational loans, development loans and short-term personal financing, among other products.

According to the CBK, as of May 2026, licensed DCP’s had granted over 8 million loans valued at approximately Ksh 150 billion to their Kenyan consumers, placing them as major contributors in the lending industry.

“The focus of the engagements with DCPs has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors and management. This is to ensure adherence to the relevant laws and, importantly, that the interest of customers is safeguarded,” read the statement in part.

Some of the DCPs licensed include Nirvana Credit, Numida Technologies, Onward Digital and Payablu Credit. CBK has maintained that the licensing and oversight of these DCPs came about as a result of concerns that had been raised by members of the public about their predatory practices.

The bank listed their high-cost, unethical debt collection practices and the abuse of personal information as key reasons as to why they must be regulated.

CBK has called on other applicants who are at different stages of the application process to fast-track the submission of pending documents to enable the completion of the review of their applications.

Reporting originally appeared via Citizen Digital. Read the full source for additional context.