As Kenya binges on easy credit, public shaming follows

  • 📰 eNCA
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 20%
  • Publisher: 51%

With only 41-percent of the population having access to a bank account digital lending has boomed in the East African nation.

South Africa Headlines News

South Africa Latest News, South Africa Headlines

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".

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 49. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ít was amazing journey with you Mr Hendricksnino77 I never knew you were good like this because you just really make me happy and care about my family with your platform í can't stop saying this brothers and sisters never ignore coñtàct him Mr Hendricksnino77

Kilonzo, who earns 23,000 Kenyan shillings ($206, 178 euros) what about ZAR?

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kenya's Odinga launches fifth bid for top job with president's backingVeteran opposition leader Raila Odinga launched his fifth bid for Kenya's presidency on Friday, this time with the support of his former foe President Uhuru Kenyatta.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

‘Shame on you!’: Mboweni takes aim at Malema and others for not backing ANC on land bill'EFF should have supported the ANC on the section 25 amendment! Shame EFF and Julius Malema,' exclaimed Mboweni. This is funny Uphambene kwalo Tito He must join the EFF and advance that stance within the structures using appropriate channel, otherwise he must stay in the retirement home -anc, they will recycle him and give him chairmanship in one of the soe's.
Source: TimesLIVE - 🏆 28. / 59 Read more »

New Honor 50 smartphone turns everyone into an instant video editorSPONSORED | This innovative device comes packed with easy-to-use video options that make it a cinch to become a TikTok star Please tell me it's from Swaziland I never thought of meeting a legit bitcoin trader after been scammed many times at my age but the heavens sent TreytonAdam who guided me and help me make a living through crypto with my LUNO app , I recommend you to him now and also be a successful benefactor
Source: TimesLIVE - 🏆 28. / 59 Read more »

Zimbabwe considers banning unvaccinated from public transportZimbabwe is considering banning the unvaccinated from using public transport. That's Zimbabwe for you always have one up their sleeve Nothing surprising. Those ones have given their land back to the thieves. 🤣🤣🤣🤣
Source: eNCA - 🏆 49. / 51 Read more »

Media24 - We’re hiring!City Press has a vacancy for a Digital Sub-Editor. Flawless grammatical skills are key and a demonstrable understanding and passion for news would be an advantage. Closing Date: December 14. View the full job description here: . For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Arnoldnike93 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success⚖️
Source: City_Press - 🏆 7. / 72 Read more »

Soweto residents continue protest over power cuts700 homes have had a week without power following disconnections by Eskom. Let them protest,you pay you receive. Part om democracy! I have to pay,so do they. Freebies are pushing our country to the verge of collapse Pay like every other south african. There is no power, what is being cut then?
Source: eNCA - 🏆 49. / 51 Read more »