The Central Bank of Kenya (CBK) has issued approvals to 12 players in the digital loans market, taking the number of licensed digital lenders to 22, Business Daily newspaper reported.

The apex bank has received 381 applications since March last year, which shows only 5% of the requests have been approved.

Other applicants are at different stages in the process, mainly awaiting the submission of requisite documentation, the central bank said, calling the applicants to submit the pending documentation at the earliest to allow review of their applications.

Inventure Mobile Limited, Letshego Kenya Ltd, Natal Tech Company Limited, Pezesha Africa Limited, Natal Tech Company Limited, Ngao Credit Limited and Tenakata Enterprises Limited are among those who have got the nod.

The new law gives CBK powers to revoke the licenses of firms that send information about loan defaulters to third parties in name-and-shame tactics to recover the money.

(Editing by Seban Scaria )