Tell me if you’ve heard this one before. Somewhere in Africa, some savvy entrepreneurs come up with a potentially disruptive solution to a longstanding infrastructural challenge. They found their own fintech, win an innovation prize or two, and manage to raise enough venture capital to grow into a viable company. However, they are hampered by a stringent regulatory environment that just doesn’t understand their business. The story of the plucky start-up going up against red tape and backwards-thinking bureaucrats is a pretty compelling one, especially if you’re the plucky start-up. And there’s certainly an element of truth to it – in
Borrowers aged between 30 and 40 control more than a third of fast-growing mobile loans that a new survey shows are largely controlled by banks. A survey by Creditinfo CRB Kenya Ltd, one of the three credit reference bureaus, shows borrowers in the age bracket accounted for 31 percent of 19.1 million mobile loans dished out between November 2018 and April 2019. Borrowers aged 25 and below came second with a 21 percent share, while those aged between 26 and 30 as well as the 41 and 50 cohorts commanded a market share of 19 percent each. “Young people will
Carbon is finally coming to Kenya. This is the loan app that is bound to unlock the money power in all people.
What is a non-deposit taking (credit only) microfinance? A non-deposit taking institution, also known as a credit only entity is an institution that does not take any form of deposit or cash collateral from any person. This type of microfinance institution is not provided for in the Microfinance Act, Kenya and is therefore not regulated by the Central Bank of Kenya. It therefore requires minimum operating licenses. Mode of registration for a non-deposit taking Microfinance in Kenya Non-Deposit taking institutions in Kenya require to be registered as Private Limited Companies. The Registrar of Companies in Kenya will however not approve the registration
In our present dire economy, the need and demand for money has quadrupled immensely. For a chance at survival, people in general invest frantic and unrelenting effort to acquire money, necessitating the rise of the art of lending money to meet these insatiable needs and demand for money. Financial institutions notably banks evolved to meet these needs and demands. However as a result of the stringent hurdles encountered by low income earners in obtaining these loans from the banks which includes cumbersome credit worthiness requirements and collateral to be met by the borrowers, an alternative was thereby sought by these