List Of 7 Rights Kenyans Should Know About Before Using Digital Loan Applications

• Mulla Pride Ltd, which operates as KeCredit and Faircash mobile lending apps, was fined KSh 2.98 million for sharing applicants' data
• As applicants using loan apps, Kenyans have the right to be informed of the use to which their personal data is to be put
• They also have the right to object to the processing of all or part of their personal data where it is being used for purposes that they do not agree with

Elijah Ntongai, a journalist at TUKO.co.ke, has more than three years of financial, business, and technology research expertise, providing insights into Kenyan and global economic trends.

More people in Kenya are opting for instant digital loans, which can be accessed through smartphone mobile loan applications.

Loan apps are regulated under the Digital Credit Providers Regulations 2021, which ensures data protection.

How the regulation protects Kenyans using loan applications

For example, the legislation granted the Central Bank of Kenya the authority to revoke licenses of companies employing name-and-shame tactics by sharing information about loan defaulters with third parties as a means of debt recovery.

Mulla Pride Ltd, a digital credit provider (DCP) that operates as KeCredit and Faircash mobile lending apps, was fined KSh 2.98 million for sharing the contact information and names of loan applicants with third parties.

New guidelines on privacy and data protection

The Office of the Data Protection Commission (ODPC) published new guidelines to assist DCPs in understanding and adhering to data protection laws.

In the newly published document, ODPC provides seven rights that Kenyans should know to ensure that DCPs, popularly known as loan apps, are using their data appropriately.

As data subjects, Kenyans have:

1. The right to be informed of the use to which their personal data is to be put.
2. The right to access their personal data that organizations hold about them and to obtain certain information about how this data is being processed.
3. The right to object to the processing of all or part of their personal data where it is being used for purposes that they do not agree with.
4. The right to rectification of personal data, which allows individuals to request that any inaccurate or incomplete personal data held by a DCP is corrected or updated.
5. The right to approach to request a DCP to promptly rectify or delete any personal data that is inaccurate, outdated, incomplete, or misleading.
6. The right to restrict processing of their personal data by DCPs.
7. The right to data portability, which allows for customers to move or port their personal data from one DCP to another.

Twenty best loan apps in Kenya in 2024

In other related news, TUKO.co.ke listed the 20 best loan apps in Kenya, including banks providing instant loans through mobile applications.

If you are starved of cash and need some, you can count on instant loan apps in Kenya to give you emergency credit.

The listed apps do not have cumbersome loaning processes and can give you sizeable loans.