Sharp Daily
No Result
View All Result
Sunday, June 1, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

MP calls for probe into ‘Buy Now, Pay Later’ schemes as consumer complaints surge

Teresiah Ngio by Teresiah Ngio
October 25, 2024
in News
Reading Time: 1 min read

Kenya’s “Buy Now, Pay Later” (BNPL) services are facing increased scrutiny following numerous complaints from borrowers, with Kigumo MP Kamau Munyoro calling for a formal investigation into BNPL schemes.

In a recent petition to Parliament, Munyoro, a member of the National Assembly’s Finance and National Planning Committee, raised concerns about the lack of regulation within these services, which allow consumers to purchase goods on credit and pay in installments.

According to Munyoro, one of his constituents lost a motorcycle despite paying KES 250,000 on a KES 260,000 loan. “I questioned how someone could pay so much and still lose the bike,” he said, highlighting how some BNPL firms operate without standard regulatory oversight and are reportedly setting their own interest rates. “When we summoned these companies, we found that they operated without proper regulations and set their own interest rates,” he added.

The MP pointed out that young Kenyans often rely on BNPL services to start small businesses, leading to quick contractual commitments without fully understanding the terms. “They don’t bring lawyers to read the fine print. Instead, they just sign wherever they’re told and leave with the bike,” Munyoro stated, emphasizing the urgency of regulatory measures to protect consumers from potential exploitation.

RELATEDPOSTS

Kenya's Supreme Court judges file into the chamber during the opening of the 11th Parliament in the capital Nairobi April 16, 2013. REUTERS/Noor Khamis (KENYA - Tags: POLITICS) - RTXYNP5

Kenya to regulate buy-now-pay-later sector with new laws

November 20, 2024

CS Duale declines to reveal KES 135 billion KDF expenditure

March 20, 2024

The Central Bank of Kenya (CBK) reported over 500 consumer complaints this year related to digital lending platforms, including BNPL services. Consumer protection advocates are concerned about the rising number of borrowers who may face financial setbacks, especially in asset financing for small businesses.

Among the firms involved is MOGO, an asset finance company that entered the Kenyan market in 2019. The company faced a fine of KES 11 million from the Competition Authority of Kenya (CAK) after a public investigation into its practices. The fine reflects concerns about transparency in contract terms and borrower rights.

Previous Post

SHA urges employers to seek KRA guidance on insurance relief for health contributions

Next Post

Court refuses Gachagua’s request for judge recusal in impeachment hearings

Teresiah Ngio

Teresiah Ngio

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

Best investments for Kenyan seniors: Secure, predictable & low-risk

May 30, 2025

Why June is the Secret Sweet Spot for Travel

May 30, 2025

Strategies to elevate more women to corporate leadership

May 30, 2025

Tap on Kenya’s 2025 tech revolution

May 30, 2025

How CURBS supports employers and employees

May 30, 2025

NSE deserves more attention from young investors

May 29, 2025

The silent strain of remote work on Kenya’s urban workforce

May 29, 2025

How Kenya’s crypto bill could reshape the digital economy

May 29, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024