This archive report was first published on 20 April 2020.
On April 20, 2020, Central Bank of Kenya Governor Patrick Njoroge took a significant step in regulating the fintech industry by barring several mobile loan apps from accessing the Credit Reference Bureaus (CRBs).
The move was in response to numerous public complaints over the misuse of the credit information system by unregulated digital and credit-only lenders, particularly their poor responsiveness to customer complaints.
According to the CBK, unregulated digital and credit-only lenders will no longer submit credit information on their borrowers to CRBs. This decision affects hundreds of fintech credit providers, including Branch International and Tala, which had become household names in Kenya.
The list of mobile loan apps barred from accessing CRB services includes:
- Branch
- Zenka
- Tala
- Opesa
- Okash
- Okolea
- LionCash
- i-Save Mobile
- Lendi mkopo
- Okoa Cash Loans
- Fuliza Branch
- Investor
- MB-Kash
- iPesa
- Kopa Jirani
- FlashPesa
- Zash Loan
- Kashway
- Kava Personal Loans
- Kua
- Palm Loans Kenya
- Afrika loans
- Mshiko Chap
- Kenya Quick Loan Shop
- Senti
- Hikash
- MKash Bee
- PesaFlash
- Peso Loans
- Carbon
- Hela Pesa
- Eazzy Loans
- Fululiza Senti
- Stawika
- Tajiri
- Loanika
- Saida
- Kuwazo
- Fair Money
- Lendy LOANS
- Umba (Formerly Mkopo Kaka)
- UbaPesa
- Okoa 0% Interest Loans
- Kash Pesa Loans
- Fair Branch: Instantly and Accuracy
- Top Loan Lenders
- HiCash Quick and Easy Loans to MPESA
- Loans Chap Chap
- Izwa Loans
- Fintech Loans
- Imarika Credit
- PesaPata
- Okolea Quick Loans
- M-KOPAY
- Okoa Pesa pap
- Kenya Quick Loans Market
- Instant Cash- Reliable Money
- Pezesha
- mKopa
- tumaPesa
- Duta
- Aspira
- Phedha Loans
