Mobile loan apps in Kenya

3 Articles
Digital credit services will be required to disclose interest rates, late payment and rollover fees before issuing the loans. [Photo: REUTERS/Thomas Mukoya]
BUSINESSECONOMYSMART BUSINESS

New Rules for Loan Apps as CBK Sets Compliance Deadline

Digital lenders will be required to comply with a raft of new licensing provisions by August 2022 as the Central Bank of Kenya...

The bill was informed by widespread complaints on the unregulated nature of many mobile loan services and the documented exploitative practices of some of the companies
BUSINESSFEATURED ARTICLE

What New Mobile Loans Bill Means For You

The National Assembly Finance and Planning Committee has approved the state-backed Central Bank Amendment Bill 2021, a proposed law which seeks to bring...

A smartphone user in Kenya. Many Kenyans use digital lending services to access loans, despite numerous pitfalls.
BUSINESSECONOMYMARKETSTECHNOLOGY

Mobile Loans: New Bill Changes Lenders’ Playbook

A bill introduced in Parliament aiming to rein in predatory lending by digital lenders has been cleared by the House. The Central Bank...