Digital credit provider Tala has issued a statement seeking to explain why its name did not feature in the list of 10 digital lenders licensed by Central Bank of Kenya to operate in Kenya.

In the statement, Tala sought to allay fears by its customers, employees and other stakeholders on the fate of their operations due to the CBK announcement on Monday.

“Following the announcement by the Central Bank of Kenya [“CBK”) this morning, we have received a number of enquiries as to why Tala is not listed among the ten applicants now licenced as Digital Credit Providers (“DCP”) by the CBK as at 17 September 2022,” Tala said.

Tala explained to its stakeholders that the applications the lenders submitted are reviewed according to the order of receipt.

Patrick Njoroge. PHOTO/COURTESY

“As some of you may have noted from the CBK’s press release dated 19th September 2022, the CBK received 288 applications between 18th March 2022 and 17th September 2022, and we understand that each application is being reviewed in order of receipt,” the statement read.

The mobile lender assured its clients and staff that it submitted its application seeking to be licenced by CBK before the September 17, 2022 deadline and that it was being considered.

“We would like to reassure our stakeholders, including our customers and employees, that Tala submitted its application for the requisite licence in advance of the CBK’s deadline of 17th September 2022, and we are working with the CBK with regards to our application. In accordance with the provisions of The CBK Amendment Act, 2021 and The CBK (Digital Credit Providers) Regulations. 2022. Tala shall continue to operate as a digital credit provider pending issuance of our licence by the CBK.”

Tala’s statement comes shortly after CBK released a list of 10 digital lenders it licensed to operate in Kenya after the six-month period given to mobile lenders to apply for operation licences lapsed.

Tala also disclosed that the CBK will continue to share details of the Iicenced DCP’s every week until the process is complete.