Ceres Tech Limited

Ceres Tech Limited, as at September 17, 2022,  is licensed by the Central Bank of Kenya (CBK) as a digital credit provider. This means that that give loans to their customers via a mobile phone app.

What is a Digital Credit Provider (DCP)? #

Digital credit provider (DCPs) are loan companies. Their credit products are disbursed via software commonly known as mobile lending apps, loan apps or mobile loan apps. They provide quick loans which consumers request by way of mobile apps that a user downloads on their phones. The loan once approved, is sent to the customer’s mobile money wallet service. In Kenya, the mobile wallet service is often M-Pesa, Airtel Money or T-Kash.

How to Contact Ceres Tech Limited #

How is Ceres Tech Limited Regulated? #

As use of mobile loan apps grew in Kenya, there were calls by the public about their licensing and oversight. This was because a rising number of mobile loan apps in Kenya were accused of engaging in predatory practices such as the high cost of loans, unethical debt collection practices, and the abuse of personal information. On March 21, 2022, CBK announced the publication of the Regulations on March 18. They provide for the licensing and oversight of DCPs. The Regulations were issued pursuant to Sections 57(1), 57(3) and 57(4) of the CBK Act. Further, on May 17, 2022, CBK reminded all currently operating DCPs to apply to CBK for a license. Out of the 288 applications received by CBK since March 2022, Ceres Tech Limited was one of the 10 applicants to be licensed as DCPs, pursuant to the CBK Act and the Regulations.

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