Home Money & Business Digital loan platforms 'worse than village shylocks,' says CBK Governor

Digital loan platforms 'worse than village shylocks,' says CBK Governor

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CBK Governor, Patrick Njoroge is seeking to keep a tight rein on the operations of digital loan platforms.
Njoroge, who was addressing Parliament’s Departmental Committee on Communication, Information and Innovation said the platforms are “worse than the village shylocks.”
He also revealed that over 6.5 million Kenyans had accrued loans on the digital platforms, with 3 percent of the borrowers channeling the loans to betting.