A cultural view of loan defaults in Kenya
Executive summary From 2019 to 2024, Kenya experienced a steady rise in personal and consumer loan defaults, driven not just by economic challenges, but deeply rooted cultural behaviors, social expectations, and shifting attitudes towards debt. While formal banks, microfinance institutions, and mobile lenders expanded access to credit, repayment struggles mirrored longstanding cultural and communal dynamics. […]
What is the Credit Card Act and why was it introduced?
In the years before 2009, credit cards had become one of the most common forms of consumer borrowing in the United States. By 2008, household credit card debt had climbed past $900 billion, according to Federal Reserve data, and card issuers were enjoying some of their most profitable years. The business model was clear: interest […]
How the New FCCPC Regulation Will Shape Consumer Lending: Audience Q&A
We had a vibrant turnout at our recent webinar, “How the New FCCPC Regulation Will Shape Consumer Lending,” with professionals from banks, fintechs, microfinance institutions, cooperative societies, and digital lenders joining us to unpack how Nigeria’s updated consumer-credit rules will impact their businesses. Below is a detailed Q&A capturing the highlights, from compliance and licensing […]