Digital credit lenders in Kenya dish out $10.1 million loans monthly to put banks on back-foot
Fintech Alliance of Kenya Chair Ali Hussein raised concerns regarding the protection of borrowers’ data that has been exploited by unscrupulous players in the sector. Hussein also addressed the importance of promoting borrowers’ financial wellness after reports of high levels of indebtedness caused by access to multiple loan facilities.
Loan access: Central Bank of Kenya gives nod to additional 27 digital credit providers
According to a press release, the focus of the engagements with DCPs has been, inter alia, on business models, consumer protection and fitness and propriety of proposed shareholders, directors and management which ensures adherence to the relevant laws and importantly that the interests of customers are safeguarded.
