CBK licences 10 digital lenders as scrutiny of 278 others continues

The Central Bank of Kenya has so far approved 10 Digital Credit Providers of the 288 applications they received in accordance with CBK Act 2022 regulations on digital lending.

CBK has so far approved the applications of Cere Tech Limited, Getcash Capital Limited, Giando Africa Limited trading as Flash Credit Africa, Jijenge Credit Limited, Kweli Smart Solutions Limited, Mwanzo Credit Limited, MyWagepay Limited, Rewot Ciro Limited, Sevi Innovation Limited, and Sokohela Limited.

In March this year, CBK gazetted the digital lenders’ regulations paving way for their oversight and supervision. All digital lenders were to apply for licenses from the banking regulator before September 17th.

“The Regulations are now operational, all previously unregulated DCPs are required to apply to CBK for a license within six months of the publication of the Regulations, or cease operations,” CBK said in March.

The rapid growth of mobile lending necessitated the regulations that among other things sought to address high-interest rates, unethical debt collection practices, and the misuse of personal data by some digital lenders.

Companies seeking licensing have to among other things issue evidence and sources of funds invested or proposed to be invested in the business and demonstrate that the funds are not proceeds of crime, the proposed digital credit provider’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) policies and procedures and the proposed digital credit provider’s data protection policies and procedures.

In the new regulations, digital lenders will apply to CBK for approval of interest rates on their loans, disclose all terms of their credit to borrowers, and have also been barred from sharing information of loan defaulters with third parties.

Digital lenders have been blamed for breaching the confidentiality of information of borrowers who default on loans and hiding the terms of their loans, opening an avenue for predatory lending.

Governor Njoroge said at the time that the regulations will bring sanity into an industry that has for years been blamed for predatory lending and debt-shaming borrowers in a bid to recover defaulted loans.

None of the big names in mobile lending such as Tala and Branch has been approved yet.

As the process of verification continues, we expect more companies to be approved as the CBK chases down its 60 days timeline for verification and licensing of digital lenders.

AM Live

AM Live is NTV's morning current affairs show that sets the agenda for the day with insightful panels every weekday.

Business Redefined

Business Redefined is Kenya’s premier thought leadership platform for unpacking matters regarding economic and finance policy as well demystifying complex developments in the region’s capital markets.

Daily Politics

This is Daily Politics. Here we look into the ins and outs of everything Kenyan politics. We pull no punches and have no reason to sugarcoat anything that matters to Kenyans.

Entertainment

A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula

Full Episodes

A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula

Gumzo La Sato

Gumzo La Sato is a live social issues show that aims to create awareness about issues affecting the larger society. The discussions range from Parenting, Marital bliss and struggles, Oppression, violence, and all matters of the Heart.

Health Diary

Health Diary is a weekly show that highlights different types of diseases/conditions and seeks ways to prevent, treat/manage them. The show debunks this through real life stories and also feature specialists in different fields, to offer medical advice on the same.

Letter To My Younger Self

Letter To My Younger Self is a podcast where guests get to write a letter to their younger self, from which Maxine formulates questions to ask them during the hour-long show.

Mazao Talks

Mazao looks at agriculture and agribusiness

Nation Reports

Nation Reports is a weekly podcast offers an opportunity for listeners to interact with various reporters and journey with them as they unravel the biggest most emotive stories.

Paradise Lost

Paradise Lost peeks through the story of Louis Otieno, the times, and everything in between.

Podcasts

Podcasts

Sport-On

Sport-On is a 30-minute sports magazine show on NTV and 3 hours on NATION FM. The show seeks to give the sports “fanatics” and “funatics” comprehensive and in-depth coverage of sports both locally and internationally.

Thamani

Thamani is a business show which is dedicated to emerging issues regarding micro, small and medium size businesses.

The Trend

A two-hour-long live show that airs on Fridays. The show focuses on what is current in the entertainment industry, controversial and popular across all media platforms targeting those aged between 25 and 35 years

The Wicked Edition

The Wicked Edition with Dr. King’ori seeks to address serious issues through humour and relatable wit. It is a two-part half hour show filmed in front of a live audience

Trending

A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula

Twende

Twende is a travel show that highlights beautiful, unique, diverse locations, people, and cultures. The show offers fresh perspectives on familiar locations and memorable experiences in new ones.

Unscripted

This Saturday evening lifestyle show lets viewers share their stories and life experiences as openly & honestly for the purpose of shifting the culture of silence.

WADR

This weekly news show aims to have all sides of debate but not be constrained by it, listen to main voices in the contest but not allow them to hold the viewers hostage, entertain debate but allow push back with all due respect.

When death do us part

In this podcast, three widowers openly speak about the process of grief, how they found themselves exposed to the emotional turmoil of losing their wives, and how society still does not know how to deal with them.

Your World

Your World is a health, wellness and variety show. It provides a platform for audiences and experts to share their experiences on how to improve or manage health issues, across Kenya and the Africa region.