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Kenya: Millions Indebted to Mobile App Lenders
DW, 17 April 2023
Loans through mobile apps have skyrocketed in Kenya. While this fintech industry provides easy-to-access credits, it has become a nightmare. Experts fear the largely unregulated… Read more »
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Kenya: Google Removes Kenyan Loan Apps From the Play Store for Lacking CBK Licenses
Capital FM, 27 March 2023
Google has removed Kenya loan apps from the Play Store as it cracks down on unregistered lenders. Read more »
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Kenya: Kenyan Digital Lenders Disbursed U.S.$4 Billion in 8 Years
Capital FM, 15 March 2023
Digital lenders have disbursed a total of Sh500 billion in mobile loans to households and small businesses. 3,852,080,100 Read more »
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Kenya: Digital Lenders in Kenya Must Disclose Source of Funds as New Law Takes Effect
TechCrunch, 24 March 2022
Digital credit providers (DCPs) in Kenya will have to disclose their sources of funds and provide evidence of the same following the coming into force of a law meant to regulate… Read more »
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Kenya: Digital Lenders Barred From Accessing Customers Contacts Under New Law
Capital FM, 21 March 2022
Digital lenders will now be barred from accessing customers' contact lists in the course of debt collection under new CBK regulations. Read more »
Millions of Kenyans Indebted to Mobile App Lenders
Loans through mobile apps have skyrocketed in Kenya. While this fintech industry provides easy-to-access credit, it has become a nightmare. Experts fear the largely unregulated market could lead to a credit crisis, reports Chrispin Mwakideu for Deutsche Welle.
A recent government survey reveals that more than 80% of Kenya's adult population uses mobile money providers. And according to a financial technology (fintech) research institute, FSD Kenya, the number of digital lenders and loans disbursed grew substantially after the launch of M-Shwari in 2012. M-Shwari is a Safaricom savings and loan service that enables M-PESA customers to save and access loans.
Before this fintech boom, Kenyans used traditional bank loans and an informal credit system known as Sacco (savings and credit corporations).
The easy-to-access credit industry that exploded with the tech boom now faces considerable criticism, with concerns ranging from debt-collecting methods to additional charges.
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