List Of Unregulated Mobile Loan Apps That Will No Longer Have Access To CRB Information
On April 15, the Central Bank of Kenya (CBK) withdrew the approvals granted to unregulated digital (mobile-based) and credit-only lenders as third party credit information providers to Credit Reference Bureaus (CRBs).
The withdrawal was in response to numerous public complaints over misuse of the Credit Information Sharing System (CIS) by the unregulated digital and credit-only lenders, and particularly their poor responsiveness to customer complaints.
Regulated digital lenders are the ones that are attached to regulated financial institutions like banks and microfinance institutions. These include M-Shwari, Absa’s Timiza, KCB-M-Pesa and Equity’s Eazzy Loan
Thus, unregulated digital and credit-only lenders will no longer submit credit information on their borrowers to CRBs.
According to FSD, there were approximately 110 mobile loan apps on the two main app stores from 74 unique developers as of September 2018. As of April 2019, 65 of these apps had been pulled down while 47 new ones developed by 43 unique developers.
It is estimated that there were 92 digital loan apps as of April 2019.
The following are some of the apps which are not regulated, and will have no access to CRB information.
- Tala
- Zenka
- Branch
- Okash
- Opesa
- Kashway
- LionCash
- i-Save Mobile
- Lendi mkopo
- Okoa Cash Loans
- Fuliza Branch
- Investor
- MB-Kash
- iPesa
- Kopa Jirani
- FlashPesa
- Zash Loan
- Okolea
- 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
- Phedha Loans
- mKopa
- tumaPesa
- Duta
- Saida
- Aspira
- Pezesha
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