laptop on finance no credit


The uptake of digital lending has been on the rise across Kenya, boosted by growing smartphone adoption and the availability of mobile money transfer systems like M-Pesa. With quick application turnaround, digital credit has helped borrowers pay for basic necessities like food and rent and access working capital for their enterprises.
Yet increasingly, digital lending in Kenya—and across East Africa—has come under scrutiny, criticized as a “catastrophic” industry that’s pushing tens of thousands of users into debt, while commodifying their data and gaining profits from their woes.
The latest challenge comes from Google, which has updated its app store developer policies to curb predatory lending practices. In late August, the company announced it will not allow apps that promote personal loans which require repayment in full in two months or less from the date the loan was issued. The move has heralded an uncertain future for many lenders who say they don’t understand if the rules apply to them or firms only operating in the United States.
The policy could greatly impact clients of lending apps in Kenya, many of whom use Android phones. Analysis from the web firm SimilarWeb shows four out of the top 10 free mobile applications on Android in Kenya were financial apps offering loans. These included both Tala and Branch, two California-headquartered firms that have made significant inroads into the region over the past few years.
In early September, Tala, which had just raised $110 million in Series D venture funding, announced on Twitter it would no longer offer loans in Tanzania. There may be more market adjustments to come from others in the space.

In total, there were at least 49 lending platforms in Kenya as per one count last year, including Safaricom’s M-Shwari loan service.
As the digital lending industry ballooned, experts have pointed out that customers were usually laptops on credit confused about loan terms and conditions, hindering fintech firms’ potential to advance financial inclusion. This has seen officials. including Central Bank of Kenya governor Patrick Njoroge, criticize these platforms, saying in May they were “displaying shylock-like behavior while hiding behind nice-looking applications.”

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