Kenya moves to regulate fintech-fuelled lending craze | | | | | | | | | | | Kenya moves to regulate fintech-fuelled lending craze Reuters Kenya built a reputation as a pioneer of financial inclusion through mobile money system that enables people to ... | | | "This week, the finance ministry published a draft bill on financial regulation which covers digital lenders for the first time. A key aim is to ensure that providers treat retail customers fairly, it said. “We have a lot of predatory lending out here, which we want to regulate,” Geoffrey Mwau, director general of budget, fiscal and economic affairs at the treasury, told reporters on Thursday. As it was for mobile cash, Kenya is something of a test case for the new lending platforms. Several of the companies involved, including U.S. fintech startups, have plans to expand in other frontier markets, meaning Kenya’s regulation will be closely watched.... In the last three years, 2.7 million people out of a population of around 45 million have been negatively listed on Kenya’s Credit Reference Bureaux, according to a study by Microsave, a consultancy which advises lenders on sustainable financial services....." Read more at: https://www.standardmedia.co.ke/business/article/2001282008/government-wants... Kenya moves to regulate mobile money fuelled lending craze | | | | | | | | | | | Kenya moves to regulate mobile money fuelled lending craze Key aim is to ensure that providers treat retail customers fairly | | | Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".