Wednesday, August 19, 2020

Tala ,other loan apps to be regulated if Bill becomes law

    August 19, 2020   No comments

Tala

Soon, mobile money lenders including Tala, Branch,  Okash , Zenka and the rest will be regulated if the proposed Central Bank of Kenya (CBK) amendment 2020 Bill becomes law.

The Central Bank promised to present an amendment bill to the parliament to ask for powers to control digital lenders after Kenyans complained about the Exploitative Nature of the said lenders.

CBK seeks to protect the common citizens by making the digital lenders work in line with the regulations just like the commercial banks.

If the Bill gets approved , digital lenders will be closely observed not to perform predatory lending and charge exorbitant high interest rates on their loans.

Previously, CBK blocked all unregulated digital lenders and even Credit-Only microfinance companies not to use CRB services unless approved.
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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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