Google has removed Kenya loan apps from the Play Store as it cracks down on unregistered lenders.

This follows a regulation that came into effect in January that requires loan applications to be registered.

Kenya’s Digital Credit Providers (DCP) require providers to receive licenses from the Central Bank of Kenya.

A spot-check by Capital Business shows that OKash and MoKash, among others, had been removed.

In January, the Central Bank of Kenya (CBK) approved DCP such as Tala Inventure Mobile Limited (Trading as Tala), Letshego Kenya Ltd, and MFS Technologies Limited to provide credit services in the country.

Others were Sevi Innovation Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited, and Zanifu Limited. Natal Tech Company Limited, Ngao Credit Limited, and Pezesha Africa Limited.

At the time, CBK had approved 22 DCPs out of a total of 381 in the country.

In December 2021, former President Uhuru Kenyatta assented to the Central Bank Amendment Bill, 2021, allowing the CBK to regulate non-deposit taking credit providers.

It gives CBK the power to suspend any DCP that breaches data confidentiality by pursuing borrowers and charging high interest rates.

“The licensing and oversight of DCPs as indicated previously, was precipitated by concerns raised by the public about the predatory practices of the unregulated DCPs, and in particular, their high cost, unethical debt collection practices, and the abuse of personal information.”

Sourced from Capital fm