Kenya’s Central Bank Proposes law to combat predatory lending by mobile loan apps

MTN Rwanda

Digital app lending companies operating in Kenya are set up for a shake-up after the country’s central bank proposed new laws to regulate monthly interest rates levied on loans by digital lenders in a bid to stamp out what it deems predatory practices. If approved, digital lenders will require approval from the central bank to increase lending rates or launch new products. The move comes in the wake of mounting concern about the scale of predatory lending given the proliferation of startups offering online, collateral-free loans in Kenya. Unlike traditional…

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Opera’s Opay Pulls Plug on ORide, OCar, Shifts focus to eCommerce & payments

Opera’s Opay Pulls Plug on ORide, OCar, Shifts focus to eCommerce & payments

News earlier in the week broke that Opera-backed Nigerian fintech startup, OPay has reportedly shut down all its business operations in Nigeria following a letter issued by its foreign investors amidst the poor economic climate caused by the COVID-19 pandemic.. A report claims that all verticals of the startup, including ride hailing, ORide and OTrike — which were still active in other states aside Lagos; the recently launched B2B and B2C eCommerce platforms, OMall and OTrade; OExpress for logistics; and food delivery feature, OFood will be closed down. Opay launched…

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Opera introduces Reborn 3, a desktop browser, freeVPN, ad blocker and Crypto Wallet

Opera Software has launched a new version of its desktop browser and it’s something a little outside the norm. Opera Reborn 3 (aka Opera 60) comes with a built-in cryptowallet, a free unlimited VPN, and a Web 3 explorer for accessing blockchain apps. Reborn 3 also retains all the handy extras that make it stand out from most mainstream browsers, including a built-in ad-blocker, the ability to send links, videos and notes to other devices via Flow, a currency converter and a raft of customization options. “The web has transformed…

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