Fast growth and slow policy: a decade of digital credit in Kenya
研究了肯尼亚2012-2022年数字信贷市场的快速发展与政策滞后，基于访谈和文献梳理，提出五项政策反思以加强消费者保护和竞争。
Abstract The proliferation of mobile enabled instant credit products (digital credit) across emerging markets and developing economies poses challenges for policy-makers and practitioners that seek to expand access to credit while protecting consumers. The Kenya market, which experienced tremendous commercial innovation and growth from 2012 to 2022, but also significant consumer harms and unequal competition, offers a valuable reference case for actors in other markets facing rapid expansion of new fintech products and firms. Despite the substantial and often polarized debate around the country’s experience, there has been little systematic effort to capture and interpret key facts from the development of the digital credit market in Kenya during its first decade. This paper aims to fill that gap by providing a policy case study informed by original interviews of key stakeholders and extensive review of related academic and grey literature. The analysis suggests that policy responses were often inadequate to address the growing risks in Kenya’s digital credit market and presents five policy reflections from Kenya’s experience to support consumer protection and competition in emerging digital credit markets.