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    Suspects

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    Otile Brown

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    Swvl

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    Infinix

    Infinix NOTE 12 Series officially launched in Kenya

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    Showmax announces return of Crime & Justice Season 2

    Nairobi West Hospital launches helipad in bid to enhance emergency services – PHOTOS

    Newcastle United become football’s richest club ahead of Man City, Chelsea & PSG

    Odibets heeds Khaligraph’s call, unveils online rap challenge

    Twenty-one year old fraud suspect who hacked IEBC server arrested in Juja

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    Hello world!

    #BabaTheArtist: Raila finally releases much anticipated ‘Leo Ni Leo’ campaign song – VIDEO

    SportPesa CEO joins politics, eyes Kasarani seat – VIDEO

    Two suspects wanted in the UK for murder arrested in Nairobi

    Showmax announces return of Crime & Justice Season 2

    Nairobi West Hospital launches helipad in bid to enhance emergency services – PHOTOS

    Newcastle United become football’s richest club ahead of Man City, Chelsea & PSG

    Odibets heeds Khaligraph’s call, unveils online rap challenge

    Twenty-one year old fraud suspect who hacked IEBC server arrested in Juja

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Digital lenders back plan to be regulated by CBK

Naihaps by Naihaps
August 11, 2020
in Business, Featured, Tech
Reading Time: 2 mins read

Digital lenders have backed the proposed law seeking to empower the Central Bank of Kenya (CBK) to regulate their activities.

In a public statement, the payday lenders’ body Digital Lenders Association of Kenya (DLAK) said the move would support the development of a vibrant, health industry that provides the benefits consumers require while eliminating the harms

”We join the government and consumer stakeholders in calling for a new regulatory framework to govern digital finance so that consumers may enjoy the benefits of financial access without the risks,’’ DLAK said in a statement.

In a six-pointer recommendation, the lobby said the intended regulation should build on its code of conduct issued last year to promote the fair, transparent and honest treatment of customers in all facets of lending, including debt collection.

The lobby also wants all lenders to provide transparent and fair market-based pricing with no hidden or punitive fees, such as the endless accrual of interest on delinquent balances.

It also wants credit reporting to include near-real-time negative and positive data in order to avoid over-indebtedness and help borrowers build a positive credit history that they may leverage on got other services.

Last week, the National Assembly asked interested individuals to email views on the proposed law to the clerk by August 11 (today).

The Central Bank of Kenya (Amendment) Bill, 2020, seeks to curb the steep digital lending rates that have plunged many borrowers into a debt trap as well as predatory lending.

The proposed law seeks to expand the role of the central bank to license and regulate the micro-lenders, as well as prescribes capital requirements and is due for publishing by the end of the year

Nominated MP Gideon Keter first introduced the proposal in parliament in October last year.

If approved, digital lenders will require approval from the central bank to increase lending rates or launch new products.

Digital lending services have become an important driver of financial inclusion in the country and have proven crucial for creating the opportunity to extend capital to unbanked and other financially excluded groups.

According to the State of Digital Consumer Credit Market Report by the Center for Financial Inclusion, 86 per cent of loans initiated between 2016 and 2018 were digital.

Even so, their activities have come under sharp focus from critics who accuse them of predatory lending and overcharging borrowers.

Recent surveys show that most digital lenders are charging monthly rates as high as 15 per cent, an Annual Pricing Rate (APR) of 180 per cent.

Tags: CBKDLAK
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