Synopsis
Kenya is perhaps one of Africa’s most advanced cashless economies. MPesa - the mobile payment platform - has gained almost total dominance of the market. At least 30 million Kenyans of the country's 53 million population use MPesa for daily transactions. Fintechs in general have seen a massive emergence in this ecosystem - among them popular digital lending apps that many use to access quick loans without the stress of collateral requested by traditional banks. But there are allegations of data breaches and manipulation by the app operators. Customers too, have reported scenes of harassment and abuse by lending companies when they fail to pay up their loans. The Central Bank of Kenya regulates Fintechs in the country, but are the rules strict enough to discourage malpractices? Our host, Dr. Olumide Abimbola, discusses this and other pressing questions with guests Carlos Mureithi, Ariana Issaias, Cynthia Mutete and Kevin Mutiso.
Listen
Guests
Carlos Mureithi is a journalist covering tech and other topics in Africa. He is currently the Africa Correspondent for the Boston-based paper, the Christian Science Monitor.
Ariana Issaias and Cynthia Amutete are seasoned advisors with Kenyan law firm, Bowmans, specializing in financial technology.
Kevin Mutiso is the Chairman of the Digital Financial Services Association Kenya and founder of Oye, which provides insurance to Kenya’s boda boda riders.
Further readings
All Africa, Kenya Tops Continent by a Mile in Internet Penetration: https://allafrica.com/stories/202101220350.html
Pulitzer Center, Debt Slavery in Kenya on Fintech Explosion: https://pulitzercenter.org/projects/debt-slavery-kenya-fintech-explosion
Privacy International, Perspectives on the Harms of Unregulated Fintech: https://privacyinternational.org/long-read/4619/perspectives-harms-unregulated-fintech
Borgen Project, Closing the Internet Connectivity Gap in Kenya: https://borgenproject.org/internet-connectivity-gap-in-kenya/
Quartz, Kenya Is Preparing to Crack Down on a Flood of High-Interest Loan Apps: https://qz.com/africa/1975202/kenya-prepares-to-crack-down-on-high-interest-loan-apps
Strathmore University, Privacy and Data Protection Practices of Digital Lending Apps in Kenya: https://cipit.strathmore.edu/privacy-and-data-protection-practices-of-digital-lending-apps-in-kenya-report/
