The warning by the CBK Governor over online money lenders tell a tale

The warning by the CBK Governor over online money lenders tell a tale
In Kenya it is normal to take a loan.This has spread to learning institution that out of 10 students 5 have loans with online money lenders.And the worst part is borrowing from Peter and paying Paul.These online money lenders give loans without any form of security as long as you offer them all your contact details.These firms include tala,fuliza,jamii M cash,mshwari,tala,cashlady,Mpesa fanikiwa, Branch,kredit bee,pay later, app,etc Therefore it is shocking to be told by the CBK Governor that they do not regulate online money lending firms and that they are registered by the registrar of companies.Customers​ are exposed to exploitation because the companies use their own personal funds to disburse the online money application loans.Because they are popular with clients,some people especially students have more than two or three loans at a given time.But because they give loans without guarantors or collateral many people prefer them.They charge high interest and are addictive.Let CBK Governor regulate these online money lending apps so that they are registered and in case of complains,they can be streamlined.
By
Veronica onjoro
Mombasa

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