Many Kenyans are fed up with the crude tactics employed by some mobile lending apps to have borrowers pay up. This information has become very critical, as all lenders consider it before they give you a loan. Digital Lenders Association of Kenya (DLAK) chair person Kevin Mutiso said the move by CBK to lock out unregulated lenders from listing individuals with CRBs negatively impacted their operations. If someone fails to pay, then my pay goes down. In 2019, for example, internet giant Google came up with new regulations that prohibited digital lenders that engaged in predatory lending from its App store.

Source: Standard Digital May 25, 2021 04:52 UTC