Kenyan governor asks for powers over digital lenders

Unregulated lenders are helping create ‘ballooning household debt’, Njoroge says

Patrick Njoroge
Central Bank of Kenya governor Patrick Njoroge

Kenya’s central bank governor has called for regulatory powers over mobile money firms, warning politicans they were contributing to “ballooning” household debt, according to media reports.

Patrick Njoroge warned a parliamentary committee that the central bank was concerned about “a ballooning of debt in the private sector”, newspaper the Standard reported. “We are not talking corporates, we are talking households,” it reported him as saying. “Particularly with Covid-19, it’s quite problematic

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