Mobile Loan Providers in Kenya Set To Be Licensed

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Mobile Loans have for a few years now grown into one of the booming businesses in Kenya.

An appetite for the mobile loans has grown, with Kenyans going for it, even though it comes with its disadvantages – high interests, which many seem to ignore, due to the fact that the loans are easy to get.

Today, it is normal for someone to have mobile loans from three or four different lenders – which is obviously hard to repay – ending up with over 14 million Kenyans currently on the Credit Reference Bureau.

But even as mobile loans is a booming business, there have been concerns over some roque lenders who apart from setting high interests on the loan, they abuse personal information collected from defaulters’ mobile phone contacts list to bombard relatives and friends with messages asking third parties to enforce repayment.

To address this concern, the Central Bank of Kenya (CBK) has now moved to come up with a legislation that will require all mobile loan providers to be licensed.

Also Read: Opportunities to Make Money Online in Kenya on the Rise

Under the legislation which is before the Parliament, digital lenders who will not have been licensed will not be allowed to operate in Kenya.

The law ‘Central Bank of Kenya (Amendment) Bill of 2020’ also seeks to make it mandatory for the CBK to publish the names of all digital lenders every four months to review those that are compliant.

“The proposed amendment seeks to achieve the following objectives; prohibit any person, institution or firm form lending money to Kenyans unless licensed by the Central Bank of Kenya,” Business Daily quotes a notice of the Bill sponsored by nominated Member of Parliament Gideon Keter.

With the rise of mobile loan providers, CBK had last year revoked the approval of digital lenders, barring 337 unregulated digital mobile lenders from forwarding the names of loan defaulters to CRBs.

Also Read: Simple Way to Avoid Okoa Airtime, Fuliza and KCB M-Pesa Loans – Join Fnf

Loans from digital lenders attract high-interest rates rising up to 520 per cent when annualized, leading to mounting defaults and an ever ballooning number of defaulters who have been adversely listed with CRBs.

Even though plans to legislate mobile loan providers (digital lenders) and barring some from forwarding defaulters to CRB is good news to Kenyans, why would you still, go for the expensive loans when you can make money online?

At First and First Capital Investment Limited (Fnf), we have an online airtime distribution system specifically designed for you – if you are aged between 16 to 35 years and own a smartphone but you lack money to top up your handset and access the internet – where job opportunities are.

Our system works on a commission basis - you market the system on our behalf then get paid on a commission.

All you need to do is first - you become a member by signing up, then activate your account with Ksh1545. You will then have to invite friends who also will invite other friends.

Once you complete a cycle - whereby you have 6 people under you – you receive Ksh4,500 cash and Ksh450 Airtime (Safaricom) – and you won’t have to Okoa Airtime, data, Fuliza or borrow mobile loans.

Join us today by signing up by clicking here and make money online.

Feel free to visit Fnf website to learn more about our online airtime distribution system.












Joshua Cheloti

 

Joshua Cheloti is a digital journalist and an experienced content creator with demonstrated writing skills on a variety of topics ranging from digital investments, business and technology.


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