Digital Lenders (mobile money operators) in Kenya are imposing self-regulations to promote ethical lending in Kenya. This will back the already instituted regulations imposed on the sector by the Kenyan government.
The newly formed Digital Lenders Association represents 12 major digital lenders in the country. The Code of Conduct of the association will promote the ethical business practice and address consumer protection rights in the country. Digital lenders would be required to practice responsible lending, disclose standardized prices and improve transactions transparency.
Digital lending service is thriving in Kenya. They offer borrowing service to individuals and business entrepreneurs. The Digital Lending Association plans to collaborate with the Central Bank of Kenya to address consumer protection issues that involve the Bank.
All members of the association would peacefully resolve customer disputes and respect consumer protection laws. A Code Compliance Committee will handle any case involving the failure of members to comply with the set guidelines.
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