According to the International Financial Centre (IFC), Africa has a credit gap of $330 billion. Some estimates put this figure as high as $800 billion. Due to low banking penetration, many Africans are unbanked and thus lack sufficient financial history to pass traditional credit analysis. This has led to the emergency of digital instant loan apps. Uganda has become a battleground of instant online loan apps that do little due diligence before they disburse loans. Many of these apps then engage in public shaming tactics and abuse of private data to coerce people into paying back. One of their favourite…
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