The public debate on whether to regulate digital lenders has dragged on for months. The tabling of the Central Bank of Kenya (Amendment) Bill, 2021 in Parliament should settle it.
Riding on the desperation of Kenyans in need of quick cash, the digital lenders have been thriving in an unregulated regime, charging borrowers steep interest rates, slapping them high fines in case of default, and dragging them into debt traps.
