• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Friday, May 20, 2022
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Lifestyle
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Lifestyle
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • 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

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.

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.

ADVERTISEMENT

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


Hisa App Hisa App Hisa App
Previous Post

Safaricom to Use Huawei for 5G Rollout

Next Post

Kenya Power Protests Cancellation of KSh4.1 Billion Tender

Related Posts

Postal Corporation of Kenya Signs Deal with Somaliland

May 20, 2022

Safaricom Investment Cooperative Issues 150 titles in Nanyuki Project

May 20, 2022

Ascent Capital Acquires Majority Stake in Valley Hospital

May 20, 2022

Stanbic Holdings Announces Retirement of Ruth Ngobi as Director

May 20, 2022

Bamba Secures $3.2M to Upscale its App

May 20, 2022

CBK Accepts KSh 22.9B at Weekly T-Bills Auction

May 20, 2022

Mastercard Inks Deal with Opay to Grow Digital Payments

May 20, 2022

Madison Announces Plans to Quit the Annuity Business

May 20, 2022
Load More
Next Post

Kenya Power Protests Cancellation of KSh4.1 Billion Tender

ADVERTISEMENT

Follow Us

  • 136.4k Followers
  • 2.4k Subscribers
  • 1.1k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

May
20
Fri
all-day Equity Group Book Closure
Equity Group Book Closure
May 20 all-day
 
all-day Stanbic Holdings Book Closure
Stanbic Holdings Book Closure
May 20 all-day
 
May
24
Tue
all-day BAT Kenya Payment of Final Dividend
BAT Kenya Payment of Final Dividend
May 24 all-day
payment of final dividend of kes 50.00
May
25
Wed
6:09 am Standard Chartered Dividend Payment
Standard Chartered Dividend Payment
May 25 @ 6:09 am – 8:30 pm
payment of final dividend of kes 14
May
26
Thu
all-day ABSA Bank Kenya Dividend Payment
ABSA Bank Kenya Dividend Payment
May 26 all-day
 
all-day I&M Group Final Dividend Payment
I&M Group Final Dividend Payment
May 26 all-day
 
View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

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. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

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..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2021. Hisa Technologies. 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 2021. Hisa Technologies. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In