In 2021, the former president of Kenya Uhuru Kenyatta signed into law the CBK Amendment bill 2021. We came up with a list of 10 Mobile loan apps in Kenya approved by CBK in September 2022.
Why Regulate Mobile Loan Apps in Kenya?
It is with no doubt that Kenyans have faced challenges with these Mobile loan Apps. According to the bill, online lenders would be policed by CBK, and Mobile App loans would be required to abide. According to central bank of Kenya, the transition period for operating unregulated online lender to apply for CBK license ended on 1st September 2022.
CBK clarified that it had received 288 applications since the announcement that was done in March 2022. To the end of September 2022, only 10 mobile app loans in Kenya have been approved by CBK.
“Other applicants are at different stages in this process, largely awaiting the submission of requisite documentation,” CBK said.
The ten applicants that made it to the CBK’s initial list include Ceres Tech Limited, Getcash Capital Limited, Glando Africa Limited (Trading as Flash Credit Africa), Jijenge Credit Limited and Kweli Smart Solutions Limited.
Mobile loans have grown exponentially over the last few years as low-income households have been lured by the ease of accessibility.
Digital lenders that fail to meet strict consumer protection rules introduced under Digital Credit Providers Regulations, 2021 will be shut down.
You may also check: Top Mobile Loan Apps in Kenya 2022
Under the new rules, DCPs are required to provide a Certificate of Incorporation, Memorandum and Articles of Association of the applicant and that of any significant shareholder.
Mobile phone lenders are also be required to disclose the total charges for their loans, including interest rates, late payment and rollover fees, before disbursing credit to customers.
Here is a list of 10 Mobile Loan Apps Approved by CBK as at September 2022
- Giando Africa Limited, trades as Flash Credit Africa
- Ceres Tech Limited
- Getcash Capital Limited
- Sevi Innovation Limited
- Jijenge Credit Limited
- Kweli Smart Solutions Limited
- Mwanzo Credit Limited
- MyWagepay Limited
- Rewot Civo Limited
- Sokohela Limited