The operations of digital money lending institutions have come under scrutiny as Parliament launches an investigation into claims of exploitation.
A petition filed in the National Assembly by Mathare MP Antony Oluoch wants a House committee to probe the illegal and exploitative tendencies with a view of stopping their operations.
The MP also wants the Central Bank of Kenya and the Communication Authority of Kenya to audit their operations and formulate regulations to govern their conduct.
“Digital borrowing has become a social menace responsible for suicides, divorce, family break-up and increased listing of loan defaulters by the Credit Reference Bureau,” Mr Oluoch said.
House Speaker Justin Muturi committed the petition to the Finance and National Planning Committee chaired by Kipkelion East MP Joseph Limo.
The committee has 60 days to table a report for consideration.
