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CBK must rein in online lenders that threaten economy
Digital credit has revolutionised access to finance, empowering individuals and businesses alike, and propelling Kenya towards a more financially inclusive society. FILE PHOTO | POOL
In November of 2022, the Central Bank of Kenya (CBK) rolled out a debt relief plan which discounted 50 percent of consumers’ non-performing loan debts, which were overdue as per an adverse Credit Reference Bureau (CRB) listing as of the end of October 2022.
The CBK indicated that the total value of these overdue loans was Sh30 billion.
