[ad_1]
Rental programs are included has damaged Kenya’s economy, but most have gone against the law – so far. TechCrunch results reports President Kenyatta has signed a revised law that gives the Central Bank of the country the power to authorize and regulate digital lenders. Companies have six months to register a license.
Lenders will also need to comply with existing consumer and data protection laws. Companies must keep customer confidentiality. They must disclose the costs, the consequences of non-repayment, and explain the repayment of the loan.
Debt has grown in Kenya and in other countries where most people do not have bank accounts and do not have access to common currency. However, some ministries have been accused of harassing their listeners interest rate. While amended law has not been guaranteed to eliminate reckless practices, it can weaken lenders and earn the trust of potential customers.
All sales supported by Engadget are selected by our writing team, independent of our parent company. Some of our articles include links to links. When you purchase something through one of these links, we may be able to find a partner.
[ad_2]
Source link
