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Tala, Branch and Other Mobile Lenders Risk Closure

Are you a beneficiary of mobile Money lenders? If yes, then the companies are on the verge of closure. They risk being closed if parliament consents to the bill presented in it.

Members of parliament are in the last stages of passing a bill to ensure all the mobile lenders are registered in central bank of Kenya. Those included are Tala, Branch, okoa cash, Ipesa and many more companies.

The MPs protested that those mobile lenders were very quick to register somebody with the credit reference bureau(CRB). This stirred alot of anger in them until they brought a bill to curb it.

As per the reports, by 2020 over 1 million Kenyans were blacklisted. Some are blacklisted with even less that kshs 100.

In the bill, the central bank will have powers to govern the digital lenders. They will get the executive and set the minimum capital for them to survive in business.

Branch and Tala are common digital lenders. They have the largest numbers of Kenyans in CRB. However, the law will now see them regulated to have a reasonable amount of people.

Thanks.

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