The Central Bank of Kenya (CBK) is the primary regulator of the banking and financial services sector in Kenya. It is responsible for licensing and supervising all banking and other financial institutions operating in the country. CBK has licensed a variety of loan products, ranging from personal loans to mortgages, to help Kenyans meet their financial needs. These loans are intended to provide access to credit for individuals and businesses, helping to stimulate economic growth and development. By carefully assessing the creditworthiness of applicants, ensuring that lenders protect borrowers’ interests, and promoting competition in the marketplace, CBK is committed to ensuring that Kenyan consumers and businesses have access to safe, affordable, and transparent credit products.
Below are some of the mobile loans that have been licensed by CBK;
1. Ceres Tech Limited
Ceres Tech Limited is a digital lending platform that provides consumers with loans. The organization assesses clients’ eligibility and makes loans to them using an innovative technology-driven method. Customers can also use online tools to manage their loan installments and check the development of their loans. In addition, the organization provides affordable interest rates and various repayment choices. Ceres Tech Limited also offers a variety of services to consumers, including financial planning, budgeting, and debt management. To provide consumers with the best loan rates possible, the organization collaborates with a variety of lenders, including banks, credit unions, and alternative lenders.
2. Jijenge Credit Limited
Jijenge Credit Limited is a microfinance firm that offers credit to low-income individuals and small enterprises. Customers can get loans, savings, and insurance from the firm. Jijenge Credit also offers financial literacy and business skills training to their clients to improve their capacity to manage their money and build their enterprises. The firm is dedicated to providing underprivileged people with access to financial services and to fostering an inclusive financial industry in Kenya. The Central Bank of Kenya has licensed and regulated Jijenge Credit.
3. MyWagepay Limited.
MyWagepay Limited is a Central Bank of Kenya-licensed and regulated digital loan company (CBK). The CBK is Kenya’s primary regulating authority for financial services and goods, and
MyWagepay Limited is obligated to follow CBK norms and regulations. MyWagepay offers digital loans via its secure online platform, which allows consumers to apply for loans fast and simple. Customers can get cash within 24 hours thanks to the company’s quick and transparent lending choices. To safeguard consumers from fraudulent actions, MyWagepay also implements advanced fraud protection methods.
4. Sevi Innovation Limited.
Sevi Innovation Limited is a Kenya-based supplier of digital financial services. Through its app, it provides users with digital loans and credit services. The Central Bank of Kenya (CBK) regulates the corporation, and it is licensed to provide financial services in Kenya. It is also a member of the Kenya Credit Reference Bureau (KCRB). Sevi Innovation Limited is devoted to providing its consumers with digital financial services in a safe and secure environment. Customers may get digital loans and credit services via the company’s app. Customers can use these services at any time and from any location. The loans have low-interest rates and simple payback conditions. Customers are also given financial education to assist them to make more educated financial decisions.
5. Getcash Capital Limited
Getcash Capital Limited is an online loan service approved by the Central Bank of Kenya (CBK). Individuals and corporations can apply for unsecured loans from KES 500 to KES 250,000. Getcash Capital Limited has a quick and easy loan application process and may give the money within 24 hours of approval. The organization also provides customizable payback arrangements, allowing borrowers to make payments on a weekly, biweekly, or monthly basis. GetCash Capital Limited is devoted to responsible lending and seeks to provide consumers with clear and inexpensive loan options.
6. Giando Africa Limited, (trades as Flash Credit Africa).
Flash Credit Africa is a mobile-based financial services business that provides digital loans to Kenyan consumers and SMEs. The Central Bank of Kenya (CBK) has licensed the platform, which provides loans ranging from Kshs 500 to Kshs 1 million with payback terms of up to 12 months. Customers can apply for and get short-term loans from Flash Credit Africa to address their immediate financial needs. Other financial services provided by the organization include bill payment, insurance, and access to financial education. The firm is based in Nairobi, Kenya, and is a subsidiary of Giando Africa Limited.
7. Kweli Smart Solutions Limited.
Kweli Smart Solutions Limited provides digital lending services supported by the Central Bank of Kenya (CBK). Individuals and companies around the country may apply for these loans, which provide rapid, inexpensive, and easy digital funding. The loans can be utilized for many objectives, including investments, business development, working capital, asset purchase, and more. The digital lending platform is safe, user-friendly, and designed to provide rapid access to money. It also provides various repayment alternatives with affordable interest rates.
8. Mwanzo Credit Limited.
Mwanzo Credit Limited is a digital microfinance lending platform approved by the Central Bank of Kenya (CBK). The platform provides short-term loans to individuals with low incomes in Kenya. Digital microloans are designed to help individuals meet their short-term financial needs while enabling them to build their credit scores. The platform utilizes artificial intelligence (AI) and machine learning technology to assess an applicant’s creditworthiness and to ensure that the loans are affordable and responsible. The platform also offers financial education services and access to other financial services.
9. Sokohela Limited
Sokohela Limited is a Central Bank of Kenya-licensed digital loan company (CBK). It provides financial services to small firms, individuals, and cooperatives, including digital loans. The digital loans are supplied digitally via the , Sokohela Limited which consumers may access via their mobile phones. Customers may receive loans ranging from Kshs. 5,000 to Kshs. 200,000 via the portal, with payback terms ranging from one to six months. The digital loans are backed by a mobile money wallet, which removes the need for documentation or collateral. The loans are also authorized in minutes and disbursed right away. Customers may also view their loan information and repayment history via the site.
10. Rewot Ciro Limited
The Central Bank of Kenya oversees Rewot Ciro Limited . To guarantee that digital loans are lawful, safe, and secure, the CBK has put in place several rules. This contains instructions for loan providers so they may make sure all loan agreements adhere to the law and that the rights of the borrower are upheld. These rules also give lenders advice on how to deal with borrower grievances and guarantee timely loan repayment. The CBK mandates that lenders carry out enough due diligence to evaluate the creditworthiness of borrowers and make sure they are not over-indebted.
In summary;
CBK’s digital loans provide a fantastic chance for firms to swiftly and easily obtain capital. It is growing more and more well-liked among companies trying to grow and expand due to its low-interest rates, short turnaround times, and simple procedure. Businesses now have a simpler way to get the funding they want to expand and prosper thanks to CBK’s safe and dependable platform for loan access. Digital loans help firms reach their financial objectives more quickly and effectively.
