Phone Loans Pass KSh 165.1 Billion as CBK Adds 29 Lenders

The Central Bank of Kenya added 29 digital credit providers to its register on Wednesday.

That takes the licensed list to 281. The same press release says those firms had granted 9,596,509 loans worth KSh 165.1 billion by August 2026. Twenty-five firms were added in July.

KSh 165.1 billion is the sum of loans issued, not the amount still outstanding. Do not treat it as a loan book. It is throughput.

What the paper actually says

The licences sit under Section 59(2) of the Central Bank of Kenya Act. CBK says it has received more than 900 applications since March 2022. Reviews look at the business model, consumer protection and whether shareholders, directors and managers are fit.

Most of the loans go out on USSD and apps. Products listed in the release include school fees, development loans, short personal loans, asset finance and business credit.

Other applicants are still waiting because files are incomplete. The bank asked them to send the missing papers. It also asked the public to report firms that lend without a licence.

The directory of licensed providers is the only list that matters if an app is asking for your contacts and a repayment date.

What it costs a borrower

A licence does not cap the price of a 30-day loan. It puts the firm on a register that can be named when collection turns ugly. Unlicensed apps were the reason this law exists: high charges, harassment and contact-list raids.

If the name is not on the directory, do not send the first repayment to prove good faith. Report the firm. If it is on the list and the charges still look wrong, the complaint still goes to CBK.

For a household already using Fuliza or a store credit line, Wednesday's news is a longer official list, not cheaper money.