Crooked loan apps: CBK could soon Reign them in

Opinion piece:

It is obvious that the majority of these apps are shylocks masquerading as online lenders.

Worse, is that they have been given a platform to reach out to more customers, customers who, through no fault of their own, have fallen prey of the apps’ unethical practices, and have since found themselves in a debt pit with slippery walls.

A bill is coming

For now, the CBK and Parliament are pursuing a government-backed bill named the CBK (Amendment) Bill, 2021.

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If enforcement is strict then the crooked players will be forced to close their businesses.

Foresight would also be addressing financial literacy and the demand for credit from many young Kenyans.

i support this bill,let them get regulated.