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Mobile Loan Apps Face Deregistration in CBK Reforms
Central Bank of Kenya (CBK) building in Nairobi.
Simon Kiragu
Kenyans.co.ke
The Central Bank of Kenya has proposed a number of far-reaching reforms that will see it regulate and deregister rogue mobile lenders that have crept into the Kenyan money lending market.
The Central Bank of Kenya (Amendment) Bill of 2020 seeks to regulate mobile loan rates that have seen many Kenyans plunge into huge debts. Data by Metropol Credit Reference Bureau (CRB) revealed that 14,035,718 Kenyans had been blacklisted by January 2021.
Further, the proposed law seeks to weed out unscrupulous lenders who get involved in unethical practices such as money laundering, illegal acquiring of customer s private data, and shaming of defaulted borrowers.
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