The Treasury has defended the Financial Markets Conduct Bill 2018, saying its main aim is to ensure fair lending practices. The Bill has already drawn the criticism of Central Bank Governor Patrick Njoroge who said it would emasculate the regulator’s powers. The Bill, which Treasury said seeks to encourage responsible borrowing, also proposes the creation of additional regulatory agencies including the Financial Market Conduct Authority, Financial Sector Ombudsman, and Financial Sector Tribunal. He added that the proposed Bill would only worsen the current economic conditions. The survey found 14 per cent of digital borrowers were repaying multiple loans from more than one provider meaning over 800,000 Kenyans are juggling multiple digital loans.

Source: The Star June 04, 2018 20:37 UTC