MyWagepay Limited, as at September 17, 2022, is licensed by the Central Bank of Kenya (CBK) as a digital credit provider. Digital credit provider (DCPs) are also commonly known as mobile lending apps, loan apps or mobile loan apps. This is because they provide quick loans to 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, often, M-Pesa.
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, MyWagepay Limited was one of the 10 applicants to be licensed as DCPs, pursuant to the CBK Act and the Regulations.
About MyWagepay Limited #
Postal Address: P.O. Box 43844-00200, Nairobi Telephone: +254727062060
Physical Address: View Estate, 5th Floor, Room 503C, Mirema Road