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NAIROBI, KENYA: A law proposed by Kenya’s Finance Ministry aimed at regulating the financial sector will emasculate the central bank, and fails to address a cap on commercial lending rates, the bank’s governor said on Tuesday.
Patrick Njoroge was referring to a bill published last week for review and comment by the public and industry. It says digital lenders will be licensed by a new Financial Markets Conduct Authority and bound by any interest rate caps the Authority sets.
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