Kenya's hammer blow to loan apps long overdue

The Central Bank of Kenya building in Nairobi. PHOTO | DENNIS ONSONGO | NMG

Following a lot of ethical uproar by the Kenyan digital credit borrowers, the Kenyan government has finally put in place a sledgehammer to regulate the lawless Fintech in December 2021.

The Kenya Fintech law that takes effect in March 2022 suggests that finally, many moons later, the Kenyan government has come to the realisation of the bad and harmful practices such as high-interest rates and harassment of borrowers exerted by the digital lenders.

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Note: The results are not exact but very close to the actual.