We had a chat with Kevin Mutiso, the CEO, Alternative Circle, a startup that has built a mobile money lending service called Shika app, where we discussed the mobile money lending space in Kenya.
Kevin is also a founding member of the Digital Lenders Association of Kenya (DLAK), an association established to help establish self regulatory standards and offer consumer protection in the mobile money lending space.
Kevin broke down important aspects of the payments space in Kenya and what it needs to help build and grow financial inclusion in Kenya.
Some of the topics we discussed include:
Speaking on the revolutionary nature of fintechs, Kevin said:
“We live in a low trust society and what digital fintechs are doing is that they are creating a layer of trust that is digitized and this has never been there before.”
The Kenyan Parliament recently proposed a law to bring all mobile loan apps under the registration of the Central Bank of Kenya. If the proposed law is passed, it will allow CBK to dictate lending terms to mobile lenders, similar to banks, and require them to disclose interest rates and transaction fees before giving loans.
The law has also been supported by the financial sector and according to Kevin, DLAK is clearly aiming to move in the same direction.
“We support the CBK governor and as Alternative Circle, we want to be regulated.” – Kevin Mutiso
Kevin also believes that blockchain is a revolutionary technology that is going to change how financial products are offered and delivered and he cannot wait to be part of this coming revolution.
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