Tech

Kenyan digital lending app, Zenka, writes off Sh166 million defaulted loans

Published

1 year ago

November 24, 2022

Kenyan digital lending app, Zenka, has written off a Sh166 million ($13.8m) defaulted loans a week after a memo by the Central Bank of Kenya (CBK) directed digital lenders to work with loan defaulters in helping them repair their credit scores.

The CBK had last week directed banks, microfinance and mortgage finance companies to write off at least Ksh.15 billion worth of digital loans, so as to help defaulters regain a favourable borrowing status.

The beneficiaries of the loan grace, according to Zenka Country Manager, Duncun Motanya in a statement on Thursday, are borrowers with non-performing loans whose lives were adversely affected by the Covid-19 pandemic.

“As a socially responsible lender, we routinely and thoroughly analyze prevailing market situations and act proactively and pre-emptively to contribute to the country’s economic recovery by helping our customers regain their financial balance and grow,” said Motanya.

According to the lender, the partial loan write-off is among the company’s “to the shifting approach by the current government, which is bent on having more Kenyans access credit facilities as a way of expanding income capabilities.”

The company added that other measures such as an extended grace period for customers struggling to repay their loans will follow have been introduced.

“Meticulous creditworthiness assessment combined with smart financial products and flexible repayment options enabled us to open up new possibilities to millions of Kenyans and motivate them to work harder and think smarter,” Motanya added.

He said the company has also encouraged customers struggling to repay their loans to contact the lender to work out a friendly payment plan.

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Tech

Bolt Kenya suspends 5,000 drivers over violations

Published

11 hours ago

November 29, 2023

Akanimoh Etim

Bolt Kenya has revealed the suspension of more than 5,000 drivers from its platform in the past six months due to several infractions, including non-compliance and safety-related matters.

Bolt Kenya Country Manager, Linda Ndungu, who made the revelation on Wednesday, said the move was part of the company’s unwavering focus on rider and driver safety.

“At Bolt, the safety of all users on our platform is our top priority. We understand the trust our users place in us, and we are taking proactive steps to ensure their well-being during every ride,’’ Ndungu said.

‘’Our enhanced safety measures, stricter compliance measures, coupled with technology-driven solutions, reaffirm our commitment to providing a secure and reliable transportation experience for all,” she added.

Ndungu noted that Bolt Kenya had dedicated over KES 20 million to bolster its safety features and measures, with some of the initiatives aimed at enhancing quality and safety on its platform.

“Some of these measures include monitoring and evaluating user behaviour, and ensuring swift action in response to any identified safety concerns.

“For example, Bolt introduced the driver selfie check feature that deters cases of driver impersonation and account sharing. Bolt also has a comprehensive awareness and training program for riders and drivers alike.

‘’Any driver or rider found in violation of safety standards as well as being non-compliant will face swift and decisive consequences, including permanent suspension from the platform”, she stated.

Tech

US collaborates with AfDB to accelerate Africa’s digital transformation

Published

1 day ago

November 28, 2023

Akanimoh Etim

The United States Commercial Service has announced a strategic collaboration with the African Development Bank (AfDB) to drive a massive digital transformation across Africa.

The partnership, which was unveiled on the sidelines of the Africa Tech Festival in Cape Town, South Africa, will open the door to a series of dialogues on how U.S. digital innovation can support development goals across Africa.

Senior U.S. Commercial Liaison to the African Development Bank, Ashley Ndir, who announced the collaboration, said further discussions would focus on key themes such as embracing new technologies, improving internet access, enhancing skills, and creating a regulatory environment conducive to innovation.

“Both parties will explore how African governments can collaborate with American technology firms to grow their economies and how U.S. businesses can tap into new opportunities in Africa’s emerging markets.

“We are at a turning point in Africa’s technological advancement. By bridging insights from the U.S. private sector with Africa’s vibrant markets, we aim to drive innovation and economic growth. This partnership is a testament to that mission”, Nadir said.

“Africa has made significant investments in pivotal infrastructure and policy enhancements to create an innovative digital economy,” Head of ICT Operations at the AfDB, Nicholas Williams, also enthused.

“As Africa’s premier development finance institution, the African Development Bank will help push Africa’s digital boundaries even further by forging strategic relations, building on historical investments and, more importantly, tapping into the energy of our young population, who are digital natives. We value the insights that the U.S. private sector may bring”, he added.