The Central Bank of Kenya approved 29 additional digital credit providers, part of an ongoing licensing campaign that has seen hundreds apply and billions disbursed under regulated platforms.
CBK approved 29 new Digital Credit Providers, bringing the total number of licensed DCPs to 281.
By August licensed providers had issued 9,596,509 loans valued at Ksh165.1 billion.
A July Small Claims Court ruling found that unlicensed lenders cannot enforce lending claims.
Kenya (CBK) announced the licensing of 29 additional Digital Credit Providers (DCPs) on September 30, 2026. That approval raises the number of CBK-regulated digital lenders to 281. The move is part of a multi-stage licensing effort that started after the regulator opened applications in March 2022.
CBK says it reviews applications against the law and checks business models, consumer protection measures, and the suitability of proposed shareholders, directors and managers. The regulator has received more than 900 applications since March 2022. Many applicants remain at different stages in the review process and CBK has urged those with missing paperwork to submit outstanding documentation so their reviews can be completed.
CBK's statistics to August show licensed DCPs issued 9,596,509 loans with a combined value of Ksh165.1 billion. Licensed providers offer a range of products delivered via digital channels, including USSD. Product categories identified by CBK include short-term personal credit, education and development loans, asset financing and business loans.
The licensing campaign responds to concerns about unregulated digital lenders: high borrowing costs, unethical debt collection methods and misuse of customer data. CBK's press release framed licensing as a tool to ensure compliance with the law and protect consumer interests. The regulator has also asked the public to report operators that appear to be operating without a licence.
A July Small Claims Court ruling strengthened the practical effect of licensing: it ruled that a lender operating without a CBK licence would be unable to enforce lending claims. That decision creates a legal incentive for lenders to obtain CBK authorisation and for borrowers to verify the licence status of lenders who seek repayment.
CBK's licensing process depends on applicants completing documentation and passing suitability checks. The number of licensed providers will change as pending applicants complete filings or fail suitability checks. Monitoring CBK communications will show whether licensing accelerates, pauses or is followed by new regulatory rules for fees and data handling.
The Central Bank of Kenya (CBK) has licensed 29 more digital credit providers (DCPs), bringing the total number of regulated lenders in the sector to 281. In a September 30 press release, the regulator said the new approvals aim to ensure compliance with the law and safeguard the interests of customers using digital le
The proposed rules will govern payment providers on how they handle customers' money.
CBK also noted that demand for affordable credit remains unmet, particularly among small and medium-sized enterprises, despite the average lending rate having fallen.
Kenya’s biggest banks could face tougher requirements and stricter oversight under new CBK rules aimed at guarding against financial shocks.
HALI ngumu ya maisha imesukuma mamilioni ya Wakenya kutafuta mikopo ya kidijitali ili kukidhi mahitaji ya kila siku, huku zaidi ya akaunti milioni nane zikikopa zaidi ya Sh150 bilioni. Takwimu za Benki Kuu ya Kenya (CBK) zinaonyesha kuwa mikopo hiyo mingi haitumiki kuanzisha biashara au kuwekeza, bali kugharamia matumi
As digital lending makes borrowing faster and more convenient, Viva Money is focusing on customer relationships, direct engagement, and listening beyond the app. The fintech industry has made borrowing faster, simpler, and more accessible than ever before. Today, customers can apply for a loan
Loading more related stories...
Open the app view to save this story, compare related coverage, and continue from the same source.