The debate on whether digital lenders should be regulated by the Central Bank of Kenya (CBK) is back in the news thanks to a private members Bill by nominated MP Gideon Keter.
The legislator, through the CBK (Amendment) Bill 2020, proposes that mobile lenders without operating licences be barred from business amid concerns of unethical practices such as overpricing of loans, illegal mining of customer private data and shaming of borrowers who default on payment.
