Digital mobile loan providers in Kenya are licensed and regulated by the Central Bank of Kenya before they can operate in the country. Currently, the Central Bank of Kenya (CBK) has only approved 32 digital loan apps to provide short-term loans to Kenyans in need of quick cash.
Before a loan app is approved by the CBK and given a license to operate in Kenya, it has to prove that it is playing safe and fair. The Central Bank requires the app to obtain the borrower’s consent before accessing their credit report and personal information.
Additionally, the loan app should not charge excessive interest rates and other fees.
Here are the Loan Apps in Kenya Approved by the CBK:
- Anjoy Credit Limited
- Asante FS East Africa Limited
- Ceres Tech Limited
- Colkos Enterprises Limited
- EDOMX Limited
- Extend Money Service Limited
- Fourth Generation Capital Limited
- Getcash Capital Limited
- Giando Africa Limited (Trading as Flash Credit Africa)
- Tala Inventure Mobile Limited (Trading as Tala)
- Jijenge Credit Limited
- Jumo Kenya Limited
- Kweli Smart Solutions Limited
- Letshego Kenya Ltd.
- Little Pesa Limited
- MFS Technologies Limited
- M-Kopa Loan Kenya Limited
- Mwanzo Credit Limited
- Mycredit Limited
- MyWagepay Limited
- Natal Tech Company Limited
- Ngao Credit Limited
- Pezesha Africa Limited
- Rewot Ciro Limited
- Risine Credit Limited
- Sevi Innovation Limited
- Sokohela Limited
- Tenakata Enterprises Limited
- Umoja Fanisi Limited
- Zanifu Limited
- Zenka Digital Limited
The CBK has received over 400 applications from other digital credit providers and is working closely with them in reviewing their applications.
Mobile money borrowers can now rest easy knowing that they will not be fleeced by rogue apps hoping to make a kill from them by holding their privacy at ransome while at the same time charging huge interests and penalties on credits.
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