That digital lenders are opposed to plans to control charges and fees on customer loans is rather disconcerting given the realities and widespread outcry in the market.
The Central Bank of Kenya (Amendment) Bill, 2020, seeks to empower the banking regulator to supervise digital lenders for the first time, in a bid to curb the steep digital lending rates that have plunged many borrowers into a debt trap as well as predatory lending.
