A surge in digital lending has seen thousands of Kenyans swipe their way into debtNAIROBI - It only took Kenyan security guard Ambrose Kilonzo a few seconds and zero-collateral to secure a loan from a mobile app. But when he defaulted, lenders called his boss, putting his job at risk.
Kilonzo, who earns 23,000 Kenyan shillings a month, never expected to throw his job into jeopardy for a loan amounting to less than $30."The way it was packaged, it was so easy to get the money. It wasn't a big deal." The country boasted just five digital lenders in 2015. Today, it is home to over 100 apps including Silicon Valley-backed Tala, Chinese-owned Okash and Opesa that advance up to $60 million in loans per month.
Like Kamene, most users are often unaware they have given consent to app developers to access their contacts database, call and SMS logs, Facebook friends list, location and other information. As public anger grows, the chairman of the Digital Lenders Association of Kenya , Kevin Mutiso, insists that such practices are limited to"rogue lenders".
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Kilonzo, who earns 23,000 Kenyan shillings ($206, 178 euros) what about ZAR?
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