Save us from rogue mobile money lenders
SEE ALSO :MTN's mobile money to go liveAs if that is not enough, another study by FSD and Bill and Melinda Gates Foundation now shows that mobile money lending industry has been infiltrated by rogues who have taken advantage of the regulatory vacuum to extort cash and mine users’ personal data. Some lenders also demand fees ranging from Sh200 to Sh400 during the registration process without indicating exactly what the money is for. This sounds like highway robbery. With more Kenyans turning to mobile money lenders due to the harsh economic times, this should worry us greatly. But it is the government that should take the flak for failing to put in place regulatory measures to protect citizens from the rogue lenders. The government has failed its people. It should now move swiftly and come up with appropriate policies to streamline this chaotic industry. Meanwhile, investigations should be launched to bring those who have robbed Kenyans of money and personal data to book.
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