The shortages and for the cues. To kenya a leader in the world of mobile payments more than 70 percent of the population as a mobile cash account allowing them to withdraw or deposit money from their phone thats also helped kenyans to get quick and easy access to no news to tide them over until payday but there are drawbacks kenya has 49. 00 credit apps each offering micro loans of between 10. 00 and 400. 00 their initially charged at an Interest Rate of between 5 and 27 percent but that can easily saw to a daunting 150 percent if you fall behind with your payments and one behind seems to be something that happens more often to those holding a mobile account than all those just 2 percent of regular commercial banks customs default on their loans with mobile account cost to most its 18 percent meaning they need to take out more debt just to pay back their previous nouns and for more on that im joined now by joy to rein barrow who joins us in nairobi joy do tell us please how widespread
Please how widespread is the problem of getting into debt through taking out micro loans via any of those credit apps. To start with i think its important to just see that moss these borrowers of between the ages of 26 and 35 and maybe crossing into the early fortys as well and so we have about 6500000 more well girls in the country today and one of the challenges that wasnt obese is that theyre servicing multiple loans what they do is the downward several. Lending us and then have to service is loans because the wyly on and service the other by taking another loan and also of course the fact that the a high Interest Rates that the are not aware of because when they are signing up for these loans they dont really read through the entire agreement they just agree or click agree on the mobile phones and then have this money on the phones as well but what they forget is that this interest is is deducted out from so if you take 400. 00 the interest after and you probably have about 3 maybe
Judicial review and it will be up to the courts to decide if this report stands its also worth remembering that the Public Protector has had a record of having some of the reports overturned by the courts given that there were issues around the legality and perhaps some of the foundations that these reports were written on the president says this is the case once again now is not dealt specifically with the accusations leveled against him by the Public Protector that he was that he lied when he responded to a parliamentary question around the donation his campaign when he was running for president of the African National congress when that campaign took place but he says that the courts will now decide the Public Protector had to prescribe some remedial action in that the report should go to the Parliaments Ethics Committee for review and possibly investigation and also the president should be investigated for Money Laundering she says she has evidence that this is the case amounting t
And now nearly 200. 00 because of that hes been blacklisted by the credit traffords bureau. I have to. Buy food and took my children to school with money get businesses not been doing good even if i get 100. 00 of the end of the month with all the responsibilities paying but my lawn is a little disappointed priorities. 54 percent of people polled recently by the central bank and kenya bureau of statistics said their financial status had was and the poll also indicates a Credit Reference Bureau has blacklisted more than 400000 boras some 4 defaulting bass littlest 2. 00. Back of the garage and his friends discuss how hard life has become most are repaying several loans some are on the block at least all tell us that even if the Loan Companies have helped them in times of need they still feel and trapped index Catherine Sawyer aljazeera nairobi. Millions of disabled children in india arent getting the education they need new laws have been brought in to reserve a percentage of seats in s
Credit blacklist. And no peaceful puerto ricos governor whos been holed up in his mansion for a week since his private messages when the. Helo that knows about picture across much of central and Southern Europe to the north we havent ever low pressure weve got cloud even some thunderstorms you can see that cloud working for eastwards in the last few hours out western regions of the southwest it is about the heat the temperatures only increase not just on the increase but actually well above the average 5 degrees above the average in london on monday 33. 00 in paris a very warm day even warmer day 36 celsius in paris that is 12 degrees above the average for this time of year feeling very hot and of course thats a very high temperatures you need to really take care out and about that so warm as spreading across Central Regions but then again about 30 degrees celsius not so on monday because we have then got this cloud still attached this front working its way eastwards we could also see.