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“Mobile money lending is a mere Shylock” says CBK

Central Bank of Kenya (CBK) has expressed concerns over high interest rates charged by mobile-app lenders.

The CBK revealed that there is no clear law regulating mobile lenders hence exploiting their clients

 CBK Governor Dr. Patrick Njoroge speaking during a press briefing attributed the huge borrowing from mobile lenders to customers desperation to get cash.

CBK Governor Dr. Patrick Njoroge in a past event

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“The issue has been there for a while, they prey on individuals and you can’t blame people for taking the loans, maybe out of desperation,” said Dr. Njoroge.

Dr. Njoroge also noted that there is need to have proper laws in place that will help to regulate the industry.

“There has to be a law in place to regulate these apps but how or who regulates them is anyone’s guess,” he added.

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