kenya Crackdown on Mobile App Money Lenders

✔ Fact Checked by TDPel News Desk

By Pelumi Emmanuel

Published: March 15, 2022 | 6:04 PM

Digital and mobile app money lenders in Kenya have been given until the end of September to either apply for an operating licence or cease operations.
“Regulations governing the lenders will be gazetted later this month, meaning all the apps will be regulated by the government.” The Central Bank of Kenya Governor Peter Njoroge said.
They’ve often been accused of ‘predatory behaviour, high interest rates and customer harassment’ for those who failed to pay the loans on time.
The government has since early 2020 blocked digital lenders from listing defaulters with Credit Reference Bureaus saying the companies had abused the system.
These lenders are popular in Kenya because of their “fast loan processing.”

BBC/Christopher Ojilere
kenya Crackdown on Mobile App Money Lenders

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About Pelumi Emmanuel

Pelumi Emmanuel is an accomplished writer and journalist with over 15 years of experience in the industry. He is a passionate and dedicated professional who is committed to producing high-quality content that informs, engages, and entertains readers. Pelumi’s love for reading and writing is evident in his work, which has been read worldwide and has garnered him a loyal following. His journalistic expertise is matched only by his natural talent for storytelling, making his articles both informative and engaging. He lives in California, USA.