NAIROBI (Reuters) – Kenya’s President Uhuru Kenyatta authorised a change in legislation that can enable the central financial institution to control digital lenders, his workplace mentioned on Tuesday, a transfer that can give the financial institution energy to rein in lenders who violate client privateness.
Kenyatta’s workplace mentioned in an announcement he had signed into legislation the Central Financial institution of Kenya (Modification) Invoice.
“The amended Central Financial institution Act, 2021, provides the Central Financial institution of Kenya powers to license digital lenders within the nation in addition to make sure the existence of truthful and non-discriminatory practices within the credit score market,” it mentioned.
The legislation provides the central financial institution energy to manage the lenders following complaints from debtors who will pay annualised rates of interest of greater than 100%.
Customers of cellular phone-based micro-lenders, …