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The Central Bank of Kenya (CBK) has given licenses to operate to 12 more digital credit companies. Other companies are still waiting for permission to start up.


Now, there are 22 licensed digital lenders. Big companies like Tala, which trades as Inventure Mobile Limited, have finally gotten the regulator's approval.


The CBK gave licenses to ten different digital lending institutions after the Digital Credit Provider Regulations 2021 were passed in September of the year before.


"Since March 2022, CBK has received 381 applications and has kept in close contact with applicants while evaluating those applications."


Additionally, the CBK has engaged other authorities and agencies essential to the licensing process, such as the Office of the Data Protection Commissioner (ODPC), the Financial Conduct Authority (FCA), and the Securities and Exchange Commission (SEC).


Before receiving a license, each company that deals with the personal information of consumers is obliged by law to first register with the ODPC as either a data processor or a data controller.


According to the CBK, digital lenders can only get a license if their owners, directors, and management are honest and fit, and if their business model protects consumers.


The regulator believes that this will better protect the interests of the customer.


CBK says that more candidates are now in different stages of sending in the right paperwork to meet the requirements.


CBK went on to say, "We strongly encourage these applicants to send in the missing information as soon as possible so that their applications can be fully reviewed."


Jumo Kenya, Letshego Kenya, MFS Technologies, M-Kopa Loan, Mycredit Kenya, Natalie Tech, Ngao Credit, Pezesha Africa, Tanakata Enterprises, Zanifu Limited, and Umoja Fanisi Limited are some of the licensed digital credit companies that were licensed on Monday.


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