News

Government Should Have Laws Governing Online Lending Apps, Not Block Them

On April 15, the Central Bank of Kenya (CBK) withdrew the approvals granted to unregulated online lending apps as third party credit information providers to Credit Reference Bureaus (CRBs).

Consequently, over 100 lending apps in the country closed shops in Kenya, since having access to information from CRBs acted as their only line of defense against defaulters.