International Monetary Fund urges for tighter tech laws
SEE ALSO :Public rants ought not to stall economy“There is a trade-off between catalysing or at least supporting rapid innovation and taking the time to identify and manage its associated risks through regulation and supervision to ensure financial stability and integrity,” says IMF in the report on FinTechs (financial technologies) in sub-Saharan countries. Kenya has for years lagged behind innovations and largely relied on the goodwill of innovative firms not to exploit Kenyans while taking years to formulate regulations. This was seen with mobile money, where laws specific to the sub-sector were enforced when the industry had already taken root. This model is, however, being put to test in the country as the fast-paced tech industry churns out more innovations, some of which have been termed exploitative to consumers.
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