Digital Lenders Ready to be Regulated

Digital lenders in Kenya

The digital lenders have announced to be ready to be regulated to continue operating in the Kenyan market.

This follows a Bill pending in parliament by Central Bank proposing to amend the law to give the regulator powers to curb digital lenders.

Kevin Mutiso, in an interview at one of the Kenyan television channels said that digital lenders are welcoming the move to be controlled but CBK if possible should consider giving the lenders a chance at the table to discuss the rules.

Mutiso clarified why digital lenders charge high interest rate and it is because the loans are risky.

Central bank on the other hand claimed that unregulated digital lenders are exploitative and predatory in the way they offer their loans.

In April the digital lenders and Credit-Only companies were blocked out of using CRB services by the CBK.

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