Tuesday July 16, 2019-Central Bank of Kenya Governor, Dr Patrick Njoroge, has shocked Kenyans after saying that CBK will not regulate money lending applications that have flooded the Kenya financial market.
In the last 5 years, over 500 loan lending applications have been registered and they are engaged in loaning money to poor Kenyans and also are engaged in illegal money laundering practices.
Now speaking at Kenya School of Monetary Studies on Monday, Njoroge said CBK will only regulate those money lending apps affiliated to different banks.
“These products will soon be indicating that they have been approved by the CBK. This is to distinguish them from other institutions providing lending on the same platform- mobile phone apps,” Njoroge said.
Among the apps that will have the approval mark include M-shwari, Fuliza, KCB-Mpesa, Stawi for SMEs and any other online financial products offered by local commercial banks.
This is a shocking news to Kenyans since the all these illegal applications will be used by dirty businessmen to launder money and engage in other improper financial practices that will harm Kenya’s vibrant financial industry.
The Kenyan DAILY POST