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Kenya fines Baltic fintech Eleving’s local arm for misleading customers
The findings followed investigations carried out between May 2023 and April this year after Mogo’s clients’ lodged complaints.
Before this law, many digital lenders took advantage of previous loopholes in policy to levy high interest rates, violate customer privacy rights, use predatory lending practices, and employ archaic debt recovery techniques that have left behind a trail of terrified borrowers and, in one case, even a suicide. Mogo, which also has operations in Lithuania, Estonia, Romania, Moldova, Georgia, Armenia, Latvia and Uzbekistan, was instructed to refund the excess amounts it charged the complainants, and given a warning. Mogo sells vehicle and consumer financing, and operates via both online and offline channels in Kenya, allowing its customers to make initial applications through its website, at its brick-and-mortar outlets or via a network of agents.
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