CBK sounds death knell for mobile lenders

Central Bank boss Patrick Njoroge has labeled providers ‘fancy shylocks’. [Standard]

The Central Bank of Kenya (CBK) wants all mobile loan providers regulated under new strict guidelines stipulated in the Banking Charter, and which came into effect on May 29.

CBK Governor Patrick Njoroge said he hoped some of the firms operating mobile phone loan applications would be wiped out, “as they are simply fancy shylocks.”