The Central Bank of Kenya (CBK) announced the complete interoperability of mobile money payment services in Kenya.
California-based startup Tala has raised $30 million for its marketplace lending platform; investors in the funding round included IVP, Ribbit Capital, Lowercase Capital, Data Collective and Collaborative Fund; the firm offers loans in Kenya through alternative credit underwriting which utilizes accessible data on payrolls, savings, payments history and social network activity; it plans to expand to Mexico and India. Source
This week, the Consultative Group to Assist the Poor (CGAP) proposes improvements to the loosely-regulated fintech sector in sub-Saharan Africa, particularly Kenya; CGAP is a global partnership of 34 leading organizations advancing financial inclusion; they note fintech companies may inappropriately publicize a borrower's personal information if they default on a loan, and others may sweep a user's social media data with minimal notice to the consumer; a key step, by law and proactive process, is to rigorously include all fintech platforms under existing laws for lenders in Kenya. Source