abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb
Story

16 May 2019

Digital lending yoking more Kenyans into debt as analyst calls for regulation to protect borrowers from predatory lenders

The proportion of Kenya’s population with access to formal financial services hit 83 percent in 2018.  Many borrowers, including from digital lending platforms are fast reporting the downsides of quick and easily accessible money. Borrowers are finding themselves locked in debt or losses due to lack of financial literacy on key aspects such as cost of borrowing. While it is a legitimate concern that oversight could stifle innovative fintech digital lending, the risks from leaving this industry unregulated are too significant to ignore.