Kenya's central bank pushes for lower mobile loan fees

Tuesday 16 July 2019 | 15:08 CET | News
The Central Bank of Kenya (CBK) has stepped up talks with banks to lower the cost of mobile phone-based loans amid claims they are saddling borrowers with expensive debt, reports Business Daily. CBK Governor Patrick Njoroge said the discussions go beyond the interest on loans to processing charges and facilitation fees. KCB (KCB M-Pesa), Commercial Bank of Africa (M-Shwari), Equity Bank (Equitel), Co-operative Bank (M-Co-op Cash) and Barclays Bank of Kenya (Timiza) are some of the tier-one commercial lenders which offer instant mobile loans.

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Categories: Mobile & Wireless
Companies: Equitel / Safaricom
Countries: Kenya
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