• Advertise with Us
Monday, December 4, 2023
  • Login
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

CBK to Rein In Predatory Lending Apps

Wandiri GitogobyWandiri Gitogo
February 22, 2020
in Kenyan News
Reading Time: 2 mins read
0b6JBhlNU1phone

In recent times, there has been the proliferation of unsecured lending to borrowers with tens of unregulated microlenders invading Kenya’s credit market.

CBK and the National Treasury are working on regulations to tame predatory lending apps, senior officials have confirmed.

ADVERTISEMENT

Speaking last Thursday, during the 5th edition of the Credit Information Sharing (CIS) Conference, the officials reiterated government’s commitment to root out the ‘shylock’ apps.

Deputy Governor of the Central Bank, Sheila Mbijiwe said that CBK will soon change laws to monitor the unregulated money lending apps. She added that current regulatory framework is limited to traditional financial institutions such as banks and saccos.

On his part, Senior adviser, Dr. Geoffrey Mwau said that the treasury is in the process of developing a national credit information sharing policy. He added that CIS financial literacy and public awareness will roll out soon.

Digital lending apps are notorious for high interest rates, harassment of defaulters, and issuing threats.

CIS System

Therefore, a CIS system will allow financial institutions to justifiably divulge information about their customers without breaching their duty of confidentiality. In this case, credit referencing will help banks and digital lenders to lend to customers comfortably.

There is need to diversify a customer’s credit score to include data sources such as utilities, cable networks, insurance, and employment data. Moreover, a credit score based on frequency of payment of previous loans held by the borrower.

There are new technologies and trends in credit scoring such as biometrics, big data, social media, and psychometric tests.

Kenyanwallstreet talked to CIS Association of Kenya Jared Getenga. Listen here to get more insights into credit information sharing.

LISTEN TO ARTICLE

RELATED

Digital Lending Regulations Should Spur Innovation

Growth of Fintech Lending Shows a Gap in the Market


Previous Post

Safaricom to Use Huawei for 5G Rollout

Next Post

Kenya Power Protests Cancellation of KSh4.1 Billion Tender

Related Posts

KCB 2

Explainer: Why Your Company Needs a Balance Sheet

December 4, 2023
Equity Group CEO James Mwangi.

Equity Group Completes Acquisition of Rwandan Bank

December 2, 2023

Bigstore Secures Funding, Expands eCommerce Services

December 2, 2023

Kenya’s Inflation Rate Dropped Marginally in November

December 1, 2023

Bamburi Discontinues Ordinary Portland Cement, Pushes Greener Products

December 1, 2023

African Experts Call for New Paradigm to Unlock Methane Action Financing

November 30, 2023

Kenya Signs Food MoU, Targets to Cut Imports by US$200M Per Year

November 30, 2023

Diaspora Capitalizes on Weak Shilling with Real Estate

December 1, 2023
Load More
Next Post
hsdgatu4gp1fejqnc5c1d3c41afca0

Kenya Power Protests Cancellation of KSh4.1 Billion Tender

Follow Us

  • 167.4k Followers
  • 4.1k Subscribers
  • 1.2k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Featured

No Content Available

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • Advertise with Us

Copyright 2023. The Kenyan Wall Street LTD. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2023. The Kenyan Wall Street LTD. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In