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Revealed: Mobile Lenders Under Investigation For Illegally Accessing Customers’ Data For Blackmail

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5 years ago

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The Central Bank of Kenya announced that they will bar unregulated mobile-based and credit only lenders from providing information to credit reference bureaus. This was due to numerous complaints the regulator received from the public from these unregulated lenders.

It also emerged that the unregulated lenders have been illegally accessing customers details and bombarding them with blackmailing messages in order to offset the amounts owed, during this tough period.

       


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The question that people have right now is: Which lenders were denied access to the CRBs by the Central Bank?

We can tackle that by unofficially grouping these digital lenders into two broad groups: Regulated and unregulated.

       


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Regulated digital lenders are the ones that are attached to regulated financial institutions like banks and microfinance institutions. These include Mshwari, Absa’s Timiza, KCB MPESA, Equity’s Eazzy Loan and the likes.

The unregulated digital lenders’ landscape is far much broader and they have been operating in a regulatory void. According to FSD Kenya, regulation of lending in Kenya is done by institutional form and not by activity. A majority of these digital credit providers do not take deposits, hence they are neither licensed or regulated.

       


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According to FSD, there were approximately 110 mobile loan apps on the two main app stores from 74 unique developers as of September 2018. As of April 2019, 65 of these apps had been pulled down while 47 new ones developed by 43 unique developers. So we can safely say there are 92 digital loan apps as of April 2019 in the app stores and the number could be higher.

If we remove the list of bank and microfinance apps from this list (since they are regulated), you will remain with a list of unregulated digital loan apps that are available to consumers.

       


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These are the top digital loan apps in Kenya and this list is not exhaustive. This list excludes apps from regulated institutions like banks and microfinance institutions. They are the apps that are most likely to be barred from sending your credit information to the CRBs.

Tala
Zenka
Branch
Okash
Opesa
Kashway
LionCash
i-Save Mobile
Lendi mkopo
Okoa Cash Loans
Fuliza Branch
Investor
MB-Kash
iPesa
Kopa Jirani
FlashPesa
Zash Loan
Okolea
Kava Personal Loans
Kua
Palm Loans Kenya
Afrika loans
Mshiko Chap
Kenya Quick Loan Shop
Senti
Hikash
MKash Bee
PesaFlash
Peso Loans
Carbon
Hela Pesa
Eazzy Loans
Fululiza Senti
Stawika
Tajiri
Loanika
Saida
Kuwazo
Fair Money
Lendy LOANS
Umba (Formerly Mkopo Kaka)
UbaPesa
Okoa 0% Interest Loans
Kash Pesa Loans
Fair Branch: Instantly and Accuracy
Top Loan Lenders
HiCash Quick and Easy Loans to MPESA
Loans Chap Chap
Izwa Loans
Fintech Loans
Imarika Credit
PesaPata
Okolea Quick Loans
M-KOPAY
Okoa Pesa pap
Kenya Quick Loans Market
Instant Cash- Reliable Money
Phedha Loans
mKopa
tumaPesa
Duta
Saida
Aspira
Pezesha

       


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