Life survival by all means has cornered many Kenyans into loan hustle that is leaving the over burden citizens by graft scams from its leaders at the mercy of debts incurred from the various loans they take.
A crisis is however rising in the rate at which many are defaulting their payments.
Currently, there are more than 380,000 Kenyans that have so far defaulted on loans taken from mobile money lenders according to a comprehensive report by Metropol Corporation CEO, Sam Omukoko.
Even though there is a sense of acceleration of loans acceptance rate, the Credit Reference Bureau (CRB) indicates that the default rate stands at 2 per cent of the total accounts.
On the other hand, the number of Kenyans with multiple loans from multiple mobile lenders stands at 7.6 million.
Such translates to around 40 per cent of the total number of 19 million Kenyans with loans from the mobile money lenders in the country.
On Thursday, the Information, Communications, and Technology Committee of Parliament was urged to direct the Central Bank of Kenya to actively engage in measures of regulation of the sector; primarily on the platform of interest rates charged by the mobile lenders