The Central Bank of Kenya (CBK) is making swift legislation in it's framework to curb on errant and exploitative money lending mobile applications. The move by the governor of the banking institution is said that it will help to streamline the mushrooming impact of the apps that have been misusing confidential client data.
According to an article by Kenyans.co.ke and Business Daily digital news platform, the key aim will aim to curb the illegal lending rates that have plunged millions of borrowers into a debt trap. The government backed reforms include a bill in parliament for the year 2021 that will seek all digital money lenders to register afresh while at the same time protecting borrowers sensitive information.
Digital lenders like Tala and Branch, Okash were among the apps that their licenses are banned from operating and also denied listing Kenyans on the Credit Reference Bureau (CRB). This and other measures undertaken by CBK are a raft of reforms that are meant to prevent illegal transactions, money laundering and pilfering of customer information.
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