Mathare Member of\nParliament has declared war on lending apps. Antony Oluoch wants all mobile\nlending apps regulated and investigated for luring Kenyans to borrowing without\ndisclosing their lending terms.<\/p>\n\n\n\n
He says, \u201cnon disclosure of\nfull lending terms is making it easy for Kenyans, especially youths to borrow\nfor betting or to pay for previous loans instead of investments\u201d.<\/p>\n\n\n\n
Lending apps have become\npopular in Kenya, where millions of people don\u2019t have bank accounts or credit\ncards but do have mobile phones.<\/p>\n\n\n\n
In Kenya, there is an explosion in mobile lending and little government oversight hence more Kenyans depending or lured to borrow unnessesarily.
Data from Central Bank of Kenya (CBK) indicates that in the last decade, Kenya has witnessed an unprecedented upsurge of\u00a0technology-driven innovations in its financial landscape.
Apart from M-pesa platform, which has M-Shwari and KCB APP, there are over 50 apps lending money to millions of Kenyans.<\/p>\n\n\n\n
A recent report says that\n19 million Kenyans have been turned to borrowers via lending apps.<\/p>\n\n\n\n
The Mathare MP further said\nthat, \u201cdigital borrowing has become a social menace responsible for suicide,\ndivorce, family breakup and increased listing of loan defaulters\u201d<\/p>\n\n\n\n
The lending app business\nwill be worth over 500 billion by the end of 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mathare Member of Parliament has declared war on lending apps. Antony Oluoch wants all mobile lending apps regulated and investigated for luring Kenyans to borrowing without disclosing their lending terms. He says, \u201cnon disclosure of full lending terms is making it easy for Kenyans, especially youths to borrow for betting or to pay for previous …<\/p>\n","protected":false},"author":1,"featured_media":1284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,20],"tags":[55,54,56],"class_list":["post-1283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-tie-tech","tag-kcb","tag-lending-apps","tag-m-mshwari"],"_links":{"self":[{"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/1283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1283"}],"version-history":[{"count":1,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/1283\/revisions"}],"predecessor-version":[{"id":1285,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/1283\/revisions\/1285"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/media\/1284"}],"wp:attachment":[{"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}