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Kenya moves to regulate fintech-fuelled lending craze
Treasury Building in Nairobi. The Government remains in the market for money. The finance ministry has published a draft bill on financial regulation that covers digital lenders for the first time. FILE PHOTO | NMG
Kenya built a reputation as a pioneer of financial inclusion through its early adoption of a mobile money system that enables people to transfer cash and make payments on cell phones without a bank account.
Now, a proliferation of lenders are using the same technology to extend credit to the banked and unbanked alike, saddling borrowers with high interest rates and leaving regulators scrambling to keep up.
