There are 85 licensed digital lenders in Kenya following the approval of 27 applicants to legally offer the service in the country.
The Central Bank of Kenya (CBK) says it has received more than 730 applications since March 2022.
“Other [unlicensed] applicants are at different stages in the [licensing] process, largely awaiting the submission of requisite documentation,” says the CBK in a statement.
The licensing process was started to address exorbitant lending rates, unethical debt collection practices, and abuse of personal information of borrowers.
