List Of 40 Digital Lenders Under Audit After 1030 Complaints Against Them

by Business Watch Team
Mobile Loan

The Office of the Data Protection Commission (ODPC) has announced that it is going to audit 40 digital lenders in Kenya after more than 1000 complaints were received against them on how they handle personal data.

“As of September 30, 2022, ODPC had received 1030 complaints, the office admitted 555 of these cases including 299 which were on digital lenders, representing 54 percent of all cases reported,” said the ODPS in a statement.

Digital lenders under audit include:

  1. Apesa/Zerox
  2. AsapKash
  3. Branch
  4. Cash
  5. Cash Sea
  6. Collect Plus
  7. Coopesa
  8. Credit Kes
  9. Credit Moja
  10. Deltech
  11. Direct Cash
  12. Fairkash
  13. Fashpesa
  14. Flexicash
  15. Hela Credit
  16. Hikash
  17. Ikash Connect
  18. Instarcsha
  19. Ipesa
  20. Kashloan
  21. Kashbean
  22. Kashplus
  23. Kashway
  24. Kesloan
  25. Lemon Kash
  26. Lioncash
  27. M-Credit
  28. Metaloan
  29. Mocash
  30. Papcash
  31. Pocketcash
  32. Premier Credit Ltd
  33. Pocket Pesa
  34. Senti
  35. Skypesa
  36. Tala
  37. Zenka
  38. Zash Loan
  39. Wakanda
  40. Zuri Cas

The new audit is yet another blow to the digital lenders that have since been put under the radar of the Central Bank of Kenya. They are now regulated and will be required to operate in line with the requirements of the Central Bank of Kenya.

Under the new CBK rules. digital lenders will no longer call or threaten borrowers who default on loans. Those who do so and are reported will either have their licenses withdrawn or fined by the regulator. The lenders had formed a habit of calling customers and sending threatening messages to them and their families.

The audit also comes at a time the CBK is continuing with its own audit before issuing fresh licenses to more than 200 digital lenders. The lender has been releasing weekly reports on who has been allowed to operate with only 20 having been issued licenses.

The government seems to have decided to clean the sector. More than 500,000 Kenyans are on the CRB. The 500,000 owe digital lenders less than 500 shillings each. The president and the CBK have said they will drain the swamp.

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