JUST IN: Parliament Moves to Protect Borrowers From Predatory Buy-Now-Pay-Later Firms 

  The National Assembly Committee on Finance and National Planning has initiated efforts to regulate the Buy-Now-Pay-Later (BNPL) credit sector through new legislation. This follows public consultations on three key Bills designed to amend existing laws governing digital lending in Kenya. The proposed amendments are outlined in the Tax Laws (Amendment) Bill 2024, the Tax Procedures (Amendment) Bill 2024, and the Business Laws (Amendment) Bill 2024. These changes are a response to a petition from boda boda operators, who have raised concerns about exploitation by BNPL firms. The proposed legislation includes essential consumer protections to shield borrowers from predatory lending practices.
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