The Competition Authority of Kenya imposed an $84,120 fine on Eleving's subsidiary Mogo Kenya for misleading customers by secretly altering loan terms to extract extra interest.
Despite a new 2022 law to regulate digital lenders, numerous companies are still violating privacy rights and adopting unethical practices, leading to a trail of terrified borrowers.
The regulator found that Mogo's clients were forced to pay more after the lender altered loan conditions without their knowledge, significantly breaching contract terms.
Mogo improperly calculated interest in USD for loans given in Kenyan shillings, causing clients to face unexpected additional repayments, showcasing the company's lack of transparency.
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