Kenya fines Baltic fintech Eleving’s local arm for misleading customers
- Eleving's Kenyan subsidiary fined $84,120 for misleading customers.
- Mogo Kenya altered loan terms without customer knowledge.
- New regulations in Kenya aimed to curb unethical digital lending practices.
The ongoing issues with digital lenders in Kenya reflect a systemic problem that requires stricter enforcement of regulations and greater accountability. The fine imposed on Mogo is a step in the right direction, but it highlights the need for more comprehensive measures to protect consumers and ensure ethical lending practices. Stakeholders should engage in discussions about enhancing regulatory frameworks and increasing transparency in the digital lending sector.
