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The Central Bank of Kenya (CBK) has declared that five dominant companies providing vehicle, motorcycle and asset financing to low-income individuals across the country are operating without authorisation.
The shocking revelation is likely to shine the spotlight on regulators and the lack of an effective customer protection framework in the country. The five lending firms have expanded their operations nationwide backed by global venture capital and have earned millions of shillings in profits from lending to low-income borrowers in return.
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