By: Brian Nabungolo
Worth Noting:
- Taking example in Kenya, one would easily be surprised with how multiple Google ads of loan apps appear on your browser while navigating on your device. The ads of loan apps are stuffing all through.
- Such loan apps look cheap to access their loans without even due procedure of checking of terms and conditions of the repayment, then the burden of repayment become an overhaul when defaulting the loan hence many end up being enlisted in credit reference bureau .
- Also the increase of these shylock apps has increased the cravings for cheap loans from Kenyans with huge credit repayment plan.
The significant booming of technology use in this century without doubt has been earmarked by tremendous advantages. It has enabled the world to navigate through asperity moments and has smoothly softened the daily lives of people across the world, becoming part and parcel of our lives.
Significant pros in technology can be noted especially during the Covid-19 pandemic that engulfed and brought the world into its knees. Technology was there for the mankind to find an escape route, in healthcare system, economy and education. It reduced the risks posed by pandemic; otherwise it could have been catastrophic.
However, the temerity of this technology has outpaced the set terms and conditions that confine it’s operation. Some aspects of this technology is over exploiting the public for its common good.
Taking example in Kenya, one would easily be surprised with how multiple Google ads of loan apps appear on your browser while navigating on your device. The ads of loan apps are stuffing all through.
Such loan apps look cheap to access their loans without even due procedure of checking of terms and conditions of the repayment, then the burden of repayment become an overhaul when defaulting the loan hence many end up being enlisted in credit reference bureau . Also the increase of these shylock apps has increased the cravings for cheap loans from Kenyans with huge credit repayment plan.
Other example are the cryptocurrency apps emerging daily in Kenyan market. They get breakthrough through campus students who are enticed by easy referrals money and daily savings that earn them huge bonuses. These cryptocurrency apps gain momentum masquerading how they are top notch financial advisers on new world cryptocurrency trends with their brand ambassadors in campuses get to an extent to convince students to deposit their tuition fees money there for their bonuses to grow big.
At the end of the day such app fails to function out of blues, no withdrawals or deposits and no agency to look for assistance leading hungry investing comrades to lose their money and the little investment they have put on it. The story ends like that but leaves many with scars of uncertainty in this technology despite of such apps owning Business licenses in Kenya
One could really ask if there are any laws regulating such mushrooming loan apps, cryptocurrency sites and other new financial related apps. This has led many Kenyans to fight for themselves against online brokers.
With acceleration of technology development, the government needs to reinforce its laws in order to keep such news tech- apps on toes. This will avoid letting people operate in the darkness without any policy that governs such apps. This will prevent the future from operating in the darkness of technology.