Kenya’s mobile-phone lenders could come under central bank supervision, compelling them to disclose interest rates and transaction fees before giving loans, if draft legislation is passed.Lending platforms that don’t take deposits, such as Alphabet …...
Kenya’s mobile-phone lenders could come under central bank supervision, compelling them to disclose interest rates and transaction fees before giving loans, if draft legislation is passed.
Lending platforms that don’t take deposits, such as Alphabet Inc.-backed Tala and Andreessen Horowitz-funded Branch International Ltd., are not supervised by the central bank, which only regulates micro-credit by banks including NCBA Group Plc., KCB Group Ltd., Equity Holdings Group Plc. and Cooperative Bank of Kenya Ltd.
Original Source: https://www.bloomberg.com/news/articles/2019-10-24/kenya-draft-law-proposes-central-bank-supervises-mobile-lenders
