The introduction of smartphones in the country made Kenyans to opt for borrowing money from digital loan app.
There have been very many complaints concerning the loaning apps. Digital loaning apps have been accused for exploiting customers and contacting the relatives and friends without the users knowledge.
Another issue of concern is the fact that the loan apps have made many people to be addicted to borrowing.
According to a report by Business Daily, the Central Bank of Kenya has taken a radical action to stop the exploitation of Kenyans by the lending apps.
If the proposal by CBK will be approved by Parliament, this will see the unlicensed digital loan providers flushed out of the market.
This is a major relief to Kenyans who have been exploited and intimidated by the loaning apps in the country for a very long time since they were introduced.
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