The Digital Lenders Association of Kenya (DLAK) is a member organization incorporated in 2019 bringing together the leading digital-first loan providers and associated stakeholders to facilitate mutual growth in the digital lending sector in Kenya.
Other members include financial groups namely: Finance Plan, Asante, Quipbank and Oye.
Recently, there was a ‘press release’ circulating on social media regarding the association suspending lending to customers for the coming months. The letter read in whole as below
The Digital Lenders Association Of Kenya (DLAK) has been following with keen interest recent events regarding the Ksh255 billion loan Kenya is set to receive from IMF to support the next phase of this country’s response to the Covid-19 pandemic.
As an association of lenders, we have first-hand insight into the positive effect an influx of cash can have on a struggling business during tough times.
We were therefore, surprised to see the negative reactions of Kenyans on social media to the IMF loan.
If indeed it is true that Kenyans are eager to be burden-free, we wish to urge them to walk-the-talk.
Therefore, effective 12th April 2021, a majority of DLAK members will each suspend lending services for two months in a coordinated effort to recover accrued repaid unpaid monies. We will work closely with government agencies to fish out notorious defaulters and recover our money within the shortest time possible.
We appreciate your continued support and look forward to smooth transactions after the lapse of two months.
The above release caught Kenyans by surprise considering that majority of them rely on digital lenders on a daily basis for their survival especially amidst the ongoing corona virus pandemic that has destabilized most businesses.
As a result, a few of the DLAK members came out in response to the press release terming it as fake news. Below are some of the members who refuted the claims of suspension of digital loans.