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Kenya cracks down on digital lenders over data privacy issues

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Digital lenders that share loan default personal information with third parties. Risk license revocation in Kenya After lawmakers added a section - empowering banking regulators to revoke operators' licenses in violation of customer secrets - with new laws passed by lawmakers. National Assembly of the countr in general The loan app collects the borrower's phone information. including contacts and calls for access to messages to check the history of mobile financial transactions for credit scoring and as a condition for disbursement of loans Fraud lenders use some of the contact information

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they collect to recover a disbursed loan in the event of a borrower default. The report says digital lenders are using debt-building tactics, such as calling friends and family. to force the borrower to repay the loan Such changes have increased measures. that Kenya lawmakers use to protect citizens from fraudulent digital lenders offering high-priced collateral-free loans. empowers Kenya's central bank to oversee operations of standalone digital lenders In the future, digital lenders will need a license to operate in Kenya. which is different from the previous when they have to register This has led to the rise of scam apps.

The Central Bank of Kenya Amendment Bill 2021 also gives regulators the power to limit interest rates and suspend or revoke the licenses of infringing digital lenders. "Conditions of the Data Protection Act or the Consumer Protection Act"The Kenya Data Protection Act requires companies to The reason for collecting information must be disclosed to the customer. It also ensures that the borrower's confidential information is safe from abuse by unauthorized persons. This comes as consumer lobbies accuse credit apps of sharing customer data with data and marketing companies.

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