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CBK Amendment Bill (A Nightmare For Mobile Loan Apps) - This Is Laikipia
CBK Amendment Bill (A Nightmare For Mobile Loan Apps) - This Is Laikipia
CBK Amendment Bill (A Nightmare For Mobile Loan Apps) - This Is Laikipia
The CBK amendment Bill of 2021 will also attempt to drive out
rogue players in response to complaints over corrupt activities
such as money smuggling, unlawful mining of consumer private
records, and public humiliation to creditors who default on
payments.
Kenyans Reaction
:
Members of the public have thrown their weight behind the CBK
amendment Bill of 2021.
The mobile loan apps are a nuisance. They humiliate defaulters, infringe
on borrowers’ constitutional rights by hacking into the phone, charge
exorbitant interest rates, and vanish with subscribers’ savings. Some
crooks charge a processing fee in order to grant you a loan, but after you
pay, they block your account. Lending should only be left to saccos &
banks. Mobile loan apps should be banned & owners arrested and
charged.
Martin Mega, Facebook
Start with ipesa, those niggas called my late grand mother akanikuchia
kwa ndoto ati niwalipe. Tutalipiana mbinguni.
Wasike Dan, Facebook
Same Rules
:
If the CBK Amendment Bill of 2021 becomes law, digital lenders
may be subject to the same regulations as commercial banks.
This includes the need to obtain CBK approval for new products
and pricing that requires loan charges, as well as a cap on non-
performing loans of not more than twice the defaulted amount.
Source Of Funds
To combat money laundering and terrorist funding, the bill
requires companies to report to the CBK the source of funds they
are lending.
The CBK Amendment Bill of 2021 also comes amid concerns that
automated lenders do not provide borrowers with complete
details on pricing, default penalties, and loan recovery.
The drive to regulate digital lenders comes more than a year after
Kenya removed the legal limit on commercial lending rates.