GAZETTE NOTICE NO. 1401 THE COMPETITION ACT (No. 12 of 2010)
DIGITAL LENDING MARKET INQUIRY/SECTOR STUDY PURSUANT to the provisions of
section 18 (5) of the Competition Act, 2010 (“the Act”) it is notified for
general information that in exercise of the powers conferred by section 18
(1) (a) of the Act, the Competition Authority intends to carry out a sector
study into the regulated and unregulated digital credit markets in Kenya
under financial support from Innovations for Poverty Action (IPA).
Financial Sector Deepening (FSD-Kenya) and IPA will also extend technical
support to this study.
The main objective of the study is to identify and address potential
consumer protection concerns in the regulated and unregulated digital
credit markets. The specific objectives of the study will include—
(a) Provide evidence regarding the size and nature of the digital credit
market.
(b) Identify potential consumer protection risks and consumer outcomes
within Kenya’s digital credit sector.
(c) Increase transparency and comprehensiveness of product information and
terms and conditions.
(d) Address probable fraud in digital financial services.
(e) Improve consumer redress for digital credit products. (/) Increase
consumer control over personal information to expand choice and
competition; and
(g) Inform the development of policies to ensure adequate consumer
protection across regulated and unregulated lenders and equal protection of
all Kenyan consumers.
In Conducting the study, the Authority —
(a) Shall hold such number of meetings in such places and at such times as
it may consider necessary for the proper discharge of its functions;
(b) Will receive views from members of the public and receive oral and
written submissions from any person with relevant information; and Any
party from whom the Authority may require information from in furtherance
of the study will be under an obligation to provide the information in and
failure to do so shall be an offence under section 18 (6) of the
Competition Act, 2010.
Members of the Public with relevant information may also submit oral or
written submissions to the Secretariat within twenty-one (21) days of
publication of this notice.
The secretariat of the study shall be based at the Authority’s offices
located at Kenya Railways Staff Retirement Benefit Scheme Block D, 1st
Floor, Haile Selassie Avenue, P. 0 Box 36265-00200, Nairobi. E-mail:
[email protected],Tel: +254-20-2628233. WANG’OMBE KARIUKI, Director-General.
*Kind Regards,*
*David Indeje *
+254 (0) 711 385 945 | +254 (0) 734 024 856
Website: Khusoko <khusoko.com/>
<www.linkedin.com/in/david-indeje/>
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