Clampdown on Money-Lending Apps in Kenya

Clampdown on Money-Lending Apps in Kenya (News Central TV)
Clampdown on Money-Lending Apps in Kenya (News Central TV)

Digital and mobile money-lending apps in Kenya have been given until the end of September to either apply for an operating licence or cease operations.

Governor of the Central Bank of Kenya, Peter Njoroge, has stated that laws controlling the lenders will be gazetted later this month, implying that the government will regulate all of the applications.

For individuals who didn’t pay back the loans on time, they’ve been accused of predatory lending, excessive interest rates, and customer harassment.

Since early 2020, the government has prohibited digital lenders from reporting defaulters to credit bureaus, claiming that the corporations had abused the system.

Your Friends Also Read:  Crude Oil Prices Continue to Rise as EU Countries Consider Imposing a Boycott on Russia

These lenders are well-known in Kenya due to their quick loan processing.

It should be recalled that last week the Nigerian Government suspended the operations of six illegal money-lending platforms.

Digital and money-lending apps like GoCash, Okash, EasyCredit, Easi Moni, KashKash, and Speedy Choice were also shut down.


All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng

Total
0
Shares

Leave a Reply

Previous Article

South Africa, Huawei Reach Agreement on Local Recruitment Lawsuit

Next Article

Namibia Relaxes COVID-19 Restrictions

Related Posts
Powered by Live Score & Live Score App