Kenyan banks have started losing their market share amid growing competition from lending startups that are reaching out to borrowers using mobile phones, a new survey shows. The past year saw the entry of four online lending startups which include Branch, Tala, Alternative Circle and Saida, according to Kenya Fintech 2017 report. “The lending market has seen an influx of online lending startups looking to tap into the gaps left by the formal financial systems. “The lending cap law remains unclear on whether mobile lending platforms will be regulated as well. The lending platform was created in 2012 and uses unstructured supplementary service data to provide fast and unsecured micro-loans.

Source: The Star January 23, 2017 02:04 UTC