Browsing: lenders

A total of six banks from the Middle East and Asia have raised a combined $625 million in syndicated loan to finance Africa’s infrastructure under the African Finance Corporation (AFC). 

Through the AFC, Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank and Industrial Bank of Korea Limited joined the syndicate as first-time lenders throwing their weight behind the leading infrastructure solutions financier in Africa. …

More than 7.6 million Kenyans have loans from multiple mobile loan apps with 2 per cent of these defaulting and being listed with the Credit Reference Bureaus (CRBs) in the country.

In a report by Metropol Corporation, more than 380,000 Kenyans have so far defaulted on loans taken from the mobile money lenders.

Due to this, the Kenyan parliament through the Information, Communication and Technology (ICT) Committee has urged the Central Bank of Kenya (CBK) to create regulatory measures of the sector especially on interest rates charged by the mobile money apps.

Metropol notes that on average, a borrower in the country has loans from at least six out of the 10 mobile money lenders.

This is despite the fact that mobile money loan apps charge unregulated interest rates.

Mobile lenders’ meteoric growth in Kenya

And to show how successful the lenders have been, Mobile lender Tala has disbursed loans …