Borrowers of digital loans will bear the brunt of the 20 percent tax on fees and commissions earned on bank credit that took effect on July 1.
All or a significant portion of fees charges on mobile loans provided by KCB #ticker:KCB, NCBA #ticker:NCBA (M-Shwari), Absa Kenya #ticker:ABSA, Co-operative Bank #ticker:COOP and Equity #ticker:EQTY are considered as facilitation fees.
