Immaculate Kassait -Data Protection Commissioner with Kevin Mutiso during the DFSAK Digital Credit Breakfast in Nairobi. Photo/ Courtesy
Instances of harassment and debt shaming by digital lenders have decreased as a result of collaborative efforts to instill order in the sector. Spearheaded by the Office of the Data Protection Commissioner (ODPC) and the Digital Financial Services Association of Kenya (DFSAK), these initiatives have yielded positive outcomes.
During a sensitization session held at the Serena Hotel in Nairobi to educate lenders on compliance guidance notes, Data Protection Commissioner Immaculate Kassait highlighted a significant reduction in complaints against financial service providers since the Central Bank of Kenya introduced a regulatory framework two years ago.
Recently, the German International Cooperation (GIZ) and Financial Sector Deepening (FSD) jointly sponsored the implementation of guidance notes to aid digital lenders in adhering to regulations, particularly concerning data protection.
“We have been working collaboratively with the ODPC to ensure customer protection. This has led to a significant decline in harassment by over 74 percent. The practice of debt shaming is nearly eradicated, and those who continue to harass customers do so at their own peril,” said Kevin Mutiso, Chairman of DFSAK. “A collaborative approach between regulators and the industry is crucial to achieving
mutually desired outcomes.”
Google is forging a new path beneath the waves. Umoja, which translates to "unity" in…
Digital connectivity is synonymous with progress. As the United Nations highlights, it is for many people a…
Small and medium-sized enterprises (SMEs) are the backbone of Africa’s micro-economy as they offer products…
Soon after the Ministry of Information Communication Technology and National Guidance (MoICT&NG) in Uganda announced…
Nestled on the Gulf of Guinea, the West African nation of Togo may be small…
Crypto cross-border payments are recording more demand in Africa, helping boost the adoption of blockchain…