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Kenya is getting ready to split down on a flood of high-interest loan apps

Kenya is getting ready to split down on a flood of high-interest loan apps

East Africa correspondent

A brand new Kenyan bill seeks to license and manage electronic financing platforms in the united kingdom, in a bid to clamp straight down regarding the issuance of high-interest loans along with the predatory techniques which have accompanied the industry’s massive growth.

Cellphone financing apps are becoming a simple way to obtain credit for Kenyans whom don’t have accounts with banking institutions along with other conventional finance institutions, or even the regular earnings required to borrow from such establishments. Continue reading Kenya is getting ready to split down on a flood of high-interest loan apps