Online fraudsters did not come as a surprise when digital lending was being launched some years ago.
Digital money lenders knew exactly that there will be some elements among fellow lenders and among borrowers who will emerge fraudsters.
Tala and other Digital Lenders Association of Kenya (DLAK) members have since the formation of the association came up with ways of curbing these fraudsters.
DLAK for example, has a Code of Conduct which guides all member lenders on how to give out loans and how to collect the money incase of defaulting.
In addition, to curb fraudsters among borrowers, Tala and the rest of the DLAK members came up with a common built mechanism that touches on knowing the customer ( KYC) ,scoring the customer right, disburse loans to the right customer and collecting loans from the right borrowers.
Fraud risk is a very important element in lending and the digital lenders are not taking it lightly.
Advertisements
Write a comment
Post a Comment
Loans Kenya Blog admin will never approve abusive or inciteful comments. In addition, avoid including sensitive or private personal information in your comments for your own online safety.