THE NEED FOR A PROPER REGULATION OF MOBILE LENDING IN KENYA: AN INCISIVE ANALYSIS (Research Paper Sample)
Despite the enormous technological developments, mobile banking remains unregulated and exploitative to the ordinary citizens. There are little attempts by the relevant authorities to regulate the mobile financial facilities. Players in the financial sector have therefore called for the regulation of mobile loan apps to cushion the consumer.
The Need for a Proper Regulation of E-Commerce in Kenya
Emerging industries and new types of businesses have become areas of intense competition worldwide. Electronic transactions are of growing importance to Governments, enterprises and consumers in most parts of the world. From the Kenya Information and Communications Act, electronic means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
While greater reliance on e-commerce creates significant opportunities, a lack of security and trust remains a critical barrier to such transactions. The main concerns in ecommerce are online fraud and data breaches. These concerns require adequate legal and regulatory responses to boost domestic and cross-border trade. However, the adoption of appropriate legal and regulatory framework has been hindered by the variety and complexity of cyber laws and regulations as well as the rapid evolution of technologies and markets.[UNCTD, Cyber Laws and Regulations for Enhancing E-Commerce: Case Studies and Lessons Learned at https://unctad.org/meetings/en/SessionalDocuments/ciiem5d2_en.pdf accessed March 17 para 1.] [Patrick Alushula, Regulation Gaps That Leave You Exposed When You Shop Online, Business Daily December 19, 2018 at https://www.businessdailyafrica.com/corporate/tech/gaps-leave-you-exposed-when-you-shop-online/4258474-4902636-13kpmtn/index.html accessed 12 March 2020.]
Against this background, this study examines key legal issues that need to be addressed to facilitate ecommerce and to make interaction on the internet more secure in general. The study reviews the Kenya’s legal and institutional framework on the regulation of ecommerce. It then highlights the challenges in the regulation of ecommerce in Kenya. The study then reviews selected best practices in addressing the common challenges in the regulation of ecommerce from other jurisdictions. This study also discusses possible options for achieving effective implementation and enforcement of the relevant laws taking into account the emergence of new technologies available on the internet and mobile platforms.
Background of the Study
The transformational developments in the ICT sector, coupled with the emergence of the internet in the second half of the 1990s transformed trade. This was further escalated by the recent widespread use of mobile technology.[UNCTD, (Supra n 1).]
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