CBK Deputy Governor Sheila M’Mbijjewe yesterday said that the draft bill on financial regulations targeted at digital lenders will be ready in the coming months.
M’Mbijjewe says that the new guidelines are aimed at curbing predatory lending.
The lenders proliferation has saddled borrowers with high interest rates, which rise up to 520% when annualized, leading to mounting defaults and an ever ballooning number of defaulters who have been adversely listed with CRB.
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