March 7, 2019 IBOMLLC Team

Digital Mobile Money lenders in Kenya put on notice

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Kenya is one of the cradle lands for mobile money spearheaded by M-Pesa by Safaricom. The success registered by the services has attracted other business people who came flocking into the fin-tech space in not just Kenya, but the continent as a whole.

In Kenya, there are multiple lenders operating in the digital space of mobile money. They include Branch, Tala, Izwe, Pezesha, and Letshengo among many others; and guess what more are probably coming.

Well, lawmakers in Kenya have a bone to pick with these digital lenders operating on the mobile money platform. In case you don’t know, the government through the financial sector regulator, Central Bank of Kenya, has placed an interest cap on conventional money lending institutions such as banks.

However, it seems the same cap does not seem to exist for digital lenders. Now, lawmakers in Kenyan parliament wants the Central Bank to put in place and publish regulations governing the interest rates charged by the digital lenders. As per the record tabled before the Central Bank, there are at least 500 unregulated digital microlenders …read more

Read more here:: Digital Mobile Money lenders in Kenya put on notice

      

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