[Boniface Okendo,Standard]The Competition Authority of Kenya (CAK) has launched a probe into whether the terms and conditions set by financial service providers on Mortgage loans are exploitative to borrowers. “The focus is on investigations where there are unconscionable aspects in mortgage contracts by banks to their customers,” said CAK in its report. Data from the CBK indicates that about 74.5 per cent of mortgage loans in Kenya are offered by just six institutions as of December 2020. “There were 26,971 mortgage loans in the market in December 2020 down from 27,993 in December 2019,” stated the CBK in its report. "This may entrench the dominance of some players while increasing distrust among and complaints by consumers," said the regulator.

Source: Standard Digital June 01, 2021 18:13 UTC