The Central Bank of Kenya (CBK) has formally licensed 27 new digital credit providers in a move aimed at reshaping the country’s booming and controversial mobile lending industry.
In a gazette notice dated 10 September, CBK Governor Kamau Thugge confirmed the approval of firms including Platinum Credit, Mwananchi Credit, Musoni Capital, Moto Hope Capital, Little Limited (trading as SpotIt), and Brisk Credit Limited.
The decision brings the total number of regulated players under the Digital Credit Providers Regulations, 2022, to new highs.
Hani Hadi, an economist in Nairobi said digital lending has transformed access to credit in Kenya, especially for low-income households and small businesses traditionally excluded from mainstream banking.
“Yet, the sector has also drawn criticism for predatory practices, high interest rates, hidden fees, and aggressive debt collection tactics,” he added.
The CBK, which began vetting firms in 2022, says licensing is meant to bring transparency and protect consumers.
“All licensed digital credit providers are expected to operate within the framework of responsible lending, data privacy, and consumer protection,” the regulator said.
Kenya remains one of Africa’s most dynamic mobile money and digital finance markets, with platforms like M-Pesa advancing financial access.
More Kenyans continue turn to their phones for quick loans, the challenge for regulators will be clear: “ensuring that financial inclusion does not come at the cost of deeper indebtedness”.
