Over the last few years, millions of Kenyans have downloaded loan apps, some of them developed by US companies. Most of the customers had never borrowed from a bank before. — Reuters
Kenyan lawmakers are starting an investigation of digital credit apps, which one member of the National Assembly called a "social menace” that has destroyed many livelihoods.
The probe will be conducted by the Finance Committee after a petition from Anthony Oluoch, the representative for a constituency in the capital, Nairobi. He said that the dozens of mobile phone lending apps that have sprung up in Kenya in recent years need to be regulated.
