A good number of Kenyans do get loans from various platforms and banks which they pay later as per the laid down terms and conditions. The most recent ones are digital mobile loan lenders who have really flooded their services around the country due to the increasing demand from Kenyans.
The loans most Kenyans receive from some of these digital lenders come with hefty interest rates and a bunch of serious punishments which are sometimes meted on their respective loan defaulters. But the move taken by the Central Bank of Kenya[CBK] will save many.
According to the CBK, it has a move that will seek to push out all rogue digital money lenders who engage in unethical practices like stealing customers private data, shaming of borrowers and money laundering.
The CBK together with the government will be seeking to have a bill amended by the Kenyan parliament whose aim will be to curb the steep digital lending interest rates that accompany loans many Kenyans do receive.
The main aim of these important measures that are set to be undertaken the CBK will be to regulate and supervise all the digital lenders to ensure they are acting in the best interest of Kenyans. Many will be relieved once these measures take shape as most people have gone through a lot of problems with these digital lenders.
Content created and supplied by: @mudogonews. (via Opera News )
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