Sunday, July 12, 2020

Kenyans turning to mobile loans in times of COVID-19

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Kanika Bajaj

Article Title

Kenyans turning to mobile loans in times of COVID-19

Publisher

Global Views 360

Publication Date

July 12, 2020

URL

People of Kenya

People of Kenya | Source: Flightlog via Wikimedia

The economic impact of COVID-19 is felt on the personal finance of people across the world who are looking for ways to tide over the situation. In Kenya, people are lapping the short-term credit in the form of digital loans by mobile money operators. The number of people taking digital loans has doubled during the COVId-19 induced lockdown period.

Boston Consulting Group's Consumer Sentiments Survey conducted in April and May 2020 reported that "In May, 29 percent responded that they had taken out a short-term loan, compared to 16 percent in April. Mobile money operators were the most common sources of this credit”

Kenya is a pioneer in using mobile money transfer services as the key tool for providing financial inclusion to its citizens. A simple money transfer service, M-PESA launched in 2007 has transformed the financial service industry in Kenya. Today mobile money operators are providing multiple services like digital loans, marketplace for small businesses and farmers.

Digital loans are easy to process and disbursed but there are concerns of shaming the defaulters and compromising the data security of clients. The Digital Lenders Association of Kenya (DLAK) which is a body representing the digital lenders of Kenya has distanced from two of their members, Okash and Opesa over unethical practices. These mobile apps have shared the details of defaulting customers with the moneylenders and asking them to recover the money.

DLAK also stated that Opesa and Okash are known for attacking a client's data privacy which is against the Kenyan data protection laws and has additionally spoiled the reputation of digital leaders in Kenya.

In April 2020, Central Bank of Kenya barred unregulated digital mobile lenders from forwarding the names of loan defaulters to credit reference bureaus. A huge number of Kenyans have been recorded on Credit Reference Bureaus by digital money lenders for loans as little as $5.

Central Bank of Kenya governor Patrick Njoroge told during a press conference in May 2020 that the central bank in consultation with the mobile money operators and digital lenders is presently working to develop a model where the borrowers are protected from mistreatment of online moneylenders.

The borrowers are looking up to the regulatory authorities and the industry bodies to come up with a mechanism which will protect their interest in times of such a health and economic emergency.

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February 4, 2021 4:50 PM

Has Hollywood finally decided to fight “Reel Life Racism”

Back in the 1960s, when the Civil Rights Movement was slowly gaining momentum in the United States, broadcasting services were employed to gather support for the movement. Images of various kinds of atrocities and violence being rendered to nonviolent Black demonstrators were broadcasted into American houses to raise awareness about the movement.

However, the response of Hollywood so far can be explained in a single word- tragic! Hollywood as a major media and content producer has massively shaped the American culture. However it has not much to show as a positive influence on race issues.

A classic 1940’s musical movie, Holiday Inn had the famous song in which White stars performed in blackface. In a 1980s hit, “Indiana Jones and the Temple of Doom” the Indians are depicted as barbaric and uncivilised. The list of such racial stereotypes is huge to be reproduced here.

Legendary Hollywood actor John Wayne made highly offensive comments in a playboy interview. His exact words are, “I believe in white supremacy until the Blacks are educated to a point of responsibility. I don't believe in giving authority and positions of leadership and judgment to irresponsible people.” He further goes on to make a series of comments, that ideally should not be coming from someone with so much influence in Hollywood.

Many legendary actors and industry icons too have struggled due to racism in Hollywood. Bruce Lee is a fine example of a person who fought against racism in the industry and refused to be cast in many roles that portrayed Chinese people in a negative light. He ultimately moved back to Hong Kong, partly due to the lack of appropriate roles. Actress Lucy Liu has also spoken about how she was too naïve to understand back in the early days as to why her friend would get multiple auditions every day, while she managed two or three in a month.

In 2015, there was a massive uproar regarding the Oscar winners after the academy awarded all 20 nominations to white actors. It quickly gained momentum with the hashtag #OscarsSoWhite becoming a global trend. Before #OscarsSoWhite, no one would have bothered to notice that 86% of top films predominantly featured white actors.

As per a Washington Post survey, film directors who ranked as the most influential decision-makers at Hollywood were predominantly whites. Hollywood might stress for newer reforms against racism on the big screen but that is not the reality at all. To put things into perspective, the Hollywood academy has never revealed information about the diversity of its members involved in the branches of the academy, such as writers, directors, etc.

The response of Hollywood movers and shakers was always akin to a tokenism, a call to push for producing more content involving black writers, producers, and actors.

George Floyd’s death was just the trigger it needed to burst out in the open the pent up anger over the centuries of discrimination, oppression, and systematic injustice meted out to black people. The way black people are portrayed in reel life directly impacts society’s attitude towards them in real life.

People started demanding that Hollywood production companies and studios should involve the people from the community in the decision-making process when the movie plot is based considerably on the members of those communities. They have also demanded that older movies depicting racially insensitive narratives should be taken out of circulation.

Disney, one of the most reputed names in Hollywood, chose to remove the movie “Song of the South” from US distribution, when the criticism for the movie grew, even though it remains available for those who know where to look. They have also announced the plan to revamp the famous Splash Mountain ride at Disneyland and Disney World to include the character of Princess Tiana- Disney’s first African American princess from the movie The Princess and the Frog.

UK TV broadcaster Sky has added a disclaimer to approximately a dozen films stating, “This film has outdated attitudes, language and cultural depictions which may cause offence today."

HBO max recently pulled the iconic film, Gone with the wind because of its controversial depiction of black stereotypes. It returned with a four and a half minute introductory video by black scholar Jaqueline Stewart for a better understanding about racism.

Ever since the resurfacing of the playboy interview of John Wayne, students and alumni at USC have been protesting against Wayne’s exhibit at the campus. However, USC has finally decided to remove the exhibit.

All these reforms are a direct result of the audience being more and more aware of racism and prejudice. However, it is Hollywood’s turn to step up and push for bigger reforms. While it would be a challenging and bold endeavor, Hollywood’s global influence makes it imperative for the industry to undergo much-needed reforms.

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