Mobile-based lenders pose money laundering risk, says CBK

CBK Governor Patrick Njoroge. FILE PHOTO | NMG

Mobile-based online lending firms should be regulated to avoid their usage as channels for introducing illegally-obtained cash into the financial system, Central Bank of Kenya governor Patrick Njoroge has said.

In a presentation to parliamentarians Wednesday, Dr Njoroge singled out Tala, Branch and Okash -- three highly-popular digital money lenders -- as credit-only mobile lending institutions that could be easily used to launder illicit cash.

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