Mobile lenders to reveal hidden fees in new rules

central bank of kenya cbk
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Business Daily | by Otiato Guguyu


Digital lenders will be required to disclose their full fees and penalties to the competition watchdog every four months as part of efforts to fix the problem of hidden charges.

The Competition Authority of Kenya (CAK) said the mobile lenders will disclose interest charges, late payment and rollover fees after investigations revealed 73 percent of borrowers do not know the cost of their loans…

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