Pain of mobile loans: Borrowers’ tales of digital credit woes
At a time when most Kenyans are grappling with an economic meltdown, hundreds of digital loan customers are crying foul over harassment by rogue lenders.
Over the past few years, digital lending has become popular among Kenyans due to the ease of access to loans through their mobile phones compared to the rigorous process banks put in place for borrowers.
The Central Bank of Kenya (CBK) began regulating this space to address the legal gap that had led to public outcry over the pricing of digital loans and the extent to which lenders could go to recover their money from defaulters.
Many customers had raised concerns about predatory practices, particularly high costs, unethical debt practices and misuse of personal information.
This year, the number of Digital Credit Providers (DCPs) stood at 51 after the CBK announced on 6 March 2024 the licensing of an additional 19.
According to the regulator, 480 applications have been received since March 2022.
In September 2023 a digital credit provider was slapped with a Sh2.97 million fine for violating data protection regulations and using information obtained from third parties to send threatening messages and phone calls to complainants.
The Office of Data Protection Commissioner (ODPC) said the lender used names and contacts obtained from third parties, and subsequently sent threatening messages and phone calls.
The Data Commissioner said the Sh2.97 million fine will ensure that the micro-lender only deals with data of subjects who have consented to their data being collected.
“The penalty will ensure that digital lenders and financial institutions notify data subjects when collecting their data and the intention of processing the said data,” a statement from ODPC said.
Also read:
How harassment from digital lender drove customer into depression
Mobile loans firm fined for accessing borrowers’ phone books
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