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Digital lenders lock out ‘bad’ borrowers

Angry man

A man angry at the contents of his phone. Mobile app lenders have reduced the number of their customers.

Photo credit: File | Nation Media Group 

By  Brian Ambani

Nation Media Group

What you need to know:

  • Covid-19 pandemic hit businesses and individuals hard, with many defaulting on their loans.
  • Some 14 million mobile loan accounts have been listed with the many CRBs 

Kelvin Mwangi, a resident of Ruiru, turned to a mobile lender when he needed medicine from a chemist late last year.

Mr Mwangi had an outstanding loan, so he quickly cleared it and attempted  to borrow a bigger amount to buy the drugs.

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