GOVT DELIVERS THIS IMPORTANT NEWS TO PHONE LOAN LENDERS.

Whilst mobile apps have provided credit options for consumers at the bottom of the financial pyramid, the accompanying debt shaming is casting a shadow on the dream of financial inclusivity.

More than 50% of Kenyans survive on digital loans. How can consumers be protected! lenders speak on their ways of cash retrieval and the role of legislators in consumer protection.

Products in the DLAK system cover all types of micro entrepreneurs, informal sector. they go through the same appraisal process the difference between us and rogue lenders is the debt collection practice, the ethos and professionalism behind the business.

“There are 2 camps of digital lenders in Kenya, those who are members of DLAK and who are looking to adhere to the highest standards of professional conduct and then you have a few rogue actors that exist outside of this group…” – Ivan Mbowa, CEO Tala 

“The CRB is not a bad thing, that’s the misconception, the CRB is a good thing it in fact creates a layer of trust in the society… the problem here is the debt collection practices, they are illegal…” – Kevin Mutiso, Chair Digital Lenders Association.

It is difficult to take action against these rogue digital lenders because that space is not yet regulated and that is what we are working on.

Story courtesy opera news