Thread by @Consumers_Kenya

Mobile money lending apps are a means to access credit easily and quickly but the consequences thereafter are so immense that it impacts on the economy. #ExploitiveMoneyLendingApps

#ExploitiveMoneyLendingApps
1. They charge high interest rates than normal bank loans. These include those mobile apps owned by banks.

2. They give terms and conditions that infringe to the right of consumers on data protection. Among other considered ions, they access your data for their own use.
#ExploitiveMoneyLendingApps

3. Money Lending Apps have agents that use a language of intimidation to consumers. #ExploitiveMoneyLendingApps

4. These Apps are not regulated and 90% of the lending Apps in Kenya are owned by foreigners that end up not only exploiting consumers, but also eroding our economy.
#ExploitiveMoneyLendingApps

5. These Apps do not pay taxes to our Kenyan government. We wonder why #KRA can run after a poor famer leaving these apps operating freely on our space.
#ExploitiveMoneyLendingApps

6. These mobile lending Apps have caused the CRB list to grow tremendously. #ExploitiveMoneyLendingApps

7. These mobile lending app do not offer financial literacy thus attracting everyone even those with financial needs. #ExploitiveMoneyLendingApps

8. Who gave these mobile lending Apps the free space? We can say that it is the government agencies that have been tasked to regulate the money market. Where are they? Someone tell us where @CBKKenya is. Why are they silent on these Apps. #ExploitiveMoneyLendingApps