Kenya's president signs law change to regulate digital lenders
Information about Kenya's president signs law change to regulate digital lenders
Kevin David Scam or Legit
NAIROBI (Reuters) – Kenya’s President Uhuru Kenyatta approved a change in law that will allow the central bank to regulate digital lenders, his office said on Tuesday, a move that will give the bank power to rein in lenders who violate consumer privacy.
Kenyatta’s office said in a statement he had signed into law the Central Bank of Kenya (Amendment) Bill.
“The amended Central Bank Act, 2021, gives the Central Bank of Kenya powers to license digital lenders in the country as well as ensure the existence of fair and non-discriminatory practices in the credit market,” it said.
The law gives the central bank power to control the lenders following complaints from borrowers who can pay annualised interest rates of more than 100%.
Users of mobile phone-based micro-lenders, …