Nairobi, March 7 -- The number of companies allowed to offer digital credit to Kenyans has risen to 51 after the Central Bank of Kenya (CBK) licensed 19 more, intensifying competition in the lucrative industry.

CBK said on Wednesday that the firms have been registered in collaboration with other regulatory authorities, including the Office of the Data Protection Commissioner, to ensure compliance with rules governing the digital lending space.

"The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors and management," CBK said.

"This is to ensure adherence to the relevant laws and, importantly, that the interests of customers are safeguarded."...