The loan institutions will be guided by the special circumstances and ethical principles of responsible lending. Majority of Kenyans access digital credit for business purposes such as investing and paying salaries, and to meet everyday household needs
The Digital Lenders Association of Kenya (DLAK) is advising their members to update their scoring models and the method of calculating creditworthiness to include the economic and social impact of COVID-19 pandemic.
Developing countries have seized on mobile technology to fill gaps in financing and achieve financial deepening. Fintech companies make the process easier by implementing swift and reliable ways to disburse loans instantly aided by extensive algorithms that easily scan the financial status for borrowers.