Read Now »Besides unregulated mobile-based lenders, CBK also withdrew the approvals granted to unregulated credit-only lenders as third party credit information providers to CRBs. Unregulated digital lenders and microfinance institutions have not been in Dr Njoroge’s good books. Besides Branch and Tala, other unregulated digital lenders include Okolea, Mkey and Utunzi. Confidentiality Stories abound of how some of the unregulated digital lenders drove defaulting borrowers into depression. However, an incident that saw a borrower commit suicide, according to an article in a local daily, saw Njoroge’s patience with unregulated digital lenders snap.

Source: Standard Digital April 19, 2020 05:37 UTC