Central Bank moves to rein in ‘exploitative’ mobile lenders

Cropped shot of a group of unidentifiable businesspeople using their smartphones in a huddle. [Photo: Courtesy]

The Central Bank is pushing for strict regulations to police digital loan platforms by bringing them under the National Payment System Act.

CBK Governor Patrick Njoroge told the National Assembly’s Departmental Committee on Communication, Information and Innovation yesterday that many Kenyans had become hooked to the platforms, most of which charge exorbitant interest.