Nairobi, May 3 -- MPs' support for curbing runaway loan charges that have plunged many borrowers into distress is long overdue. Predatory lenders have thrived by exploiting Kenyans struggling to meet their financial needs, slapping them with exorbitant interest rates.

Efforts to rein in these practices - particularly among digital lenders, microfinance institutions and Saccos - are therefore welcome.

Parliament is reviewing legislation to enforce a key rule that total interest and penalties must not exceed the original loan principal, preventing debts from spiralling out of control.

Strict oversight of these lenders is critical. Mobile app-based lenders, in particular, have become notorious for luring vulnerable borrowers into deep deb...