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Digital lenders call for laws that will grow sector

Borrowers of digital loans remain unfazed by tax measures that have increased credit costs over the last two years. FILE PHOTO | NMG

By  KEVIN ROTICH

Digital lenders have asked the Central Bank of Kenya (CBK) and legislators to enact laws that will spur the growth of the sector.

This comes in the wake of the Central Bank of Kenya (Amendment) Bill, 2020 that seeks to curb high digital lending rates. The bill, which is yet to be approved by Parliament, will equip CBK with powers to increase digital lending rates and other loan charges as well as put a ceiling on non-performing loans at not more than twice the defaulted credit.

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