A petition submitted to Parliament in Nairobi requests stricter measures to combat predatory lending practices within the Kenyan financial sector. The request highlights concerns regarding excessive interest rates and unfair loan terms offered by banks, digital lenders, and individuals engaging in deceptive practices. The petition advocates for increased oversight and enforcement of existing regulations to protect vulnerable borrowers. It specifically calls for greater scrutiny of loan agreements and a revised approach to risk assessment by financial institutions. The aim is to mitigate potential harm and ensure fairer lending practices across the Kenyan market.
Credits: AllAfrica News: Latest
