LOAN APPSA cursory search of “mobile loan apps in Kenya” on Google Play Store returns more than 50 results. While mobile phone firms have voice analytics, call data records, metadata and social network analytics at their disposal to conduct analysis for lending determination, according to data scientist Timothy Oriedo, mobile loan apps sometimes have no such data from which to determine the “creditworthiness” of borrowers. Mr Oriedo, however, says that apps do not collect data to use on the phone itself. For a country that lacks watertight regulations on mobile apps, he says, users are left at the mercy of these criminals. I’m worried that my money and personal information have fallen into the hands of fraudsters,” laments John Ouma.

Source: Daily Nation May 18, 2019 06:45 UTC