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End of Road for Rogue Digital Lenders Who Give Kenyans Sleepless Nights Following New Proposed Rules

The rogue digital lenders who have been giving Kenyans sleepless nights with annoying calls and endless text messages with some of them exposing those who owe them have suffered a hammer blow after new rules are set to be passed by the lawmakers in bid to protect the borrowers.

According to the expected changes, the lenders who share the personal data of Kenyans who have defaulted loans will lose their licenses. 

According to the new proposed changes, the rogue lenders will be stripped of their operating licences in Kenya if the National Assembly passes the proposed changes. The new changes will become part of law to curb the abuse of confidential records for Kenyans. 

These changes comes after the National Assembly committee that deals with Finance and National Planning approved and added a clause to the Central Bank Amendment Bill 2021 which awaits to be passed in parliament.

The new changes have granted the Central Bank of Kenya, which is the banking regulator, the powers to revoke and strip of the permits and operation licenses of the digital lenders who breach the confidentiality of people who they lend money to.

Content created and supplied by: Guten-Morgen (via Opera News )

Central Bank of Kenya Kenyans National Assembly

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