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Branch Mobile Loan App Buys Kenyan Bank File image of a man on his phone Twitter Popular mobile loan app Branch has received regulator approval to buy majority shares in Century Microfinance Bank Limited. A gazette notice dated Friday, May 7 indicated that Branch International Limited had been authorised to take up 84.89% of the issued share capital in Century Microfinance Bank Limited. Pursuant to the provisions of section 46 (6) of the Competition Act, 2010, it is notified for general information that in exercise of the powers conferred upon the the Competition Act, the Competition Authority has authorised the proposed transaction as set out, reads an excerpt of the gazette notice. ....
Kenya is preparing to crack down on a flood of high-interest loan apps msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
February 22, 2021 A new Kenyan bill seeks to license and regulate digital lending platforms in the country, in a bid to clamp down on the issuance of high-interest loans as well as the predatory practices that have accompanied the industry’s massive growth. Mobile lending apps have become an easy source of credit for Kenyans who don’t have accounts with banks and other traditional financial institutions, or the regular income needed to borrow from such establishments. Since the launch of the mobile-based savings and loans product M-Shwari by Safaricom in 2012, dozens of lending apps have popped up offering short-term loans, and with many selling the goal of financial inclusivity. The apps in the market include Silicon Valley–backed Tala and Branch, as well as Zenka, Opesa and Okash, which is owned by the Norwegian software maker Opera. ....
Oyioka: The man who took a shot at greedy lenders businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.