Something that I would like to write about would be the several micro loan apps that have become prolific in Nairobi. Interestingly enough there are no caps (that I know of) on the interest rates of the micro loans. While initially seen as an economic incentive for citizens who did not any credit history due to lack of financial opportunities, the micro loans have turned into predatory lending with large interests rates that can lead to never being able to repay the debt.
In some instances individuals commit suicide due to being unable to repay the debts off. In a certain case a 25 year old man committed suicide over a Sh3000 loan he received from a micro loan app, that loan in USD was equivalent to $30 dollars. I think it would be interesting to see how these apps are leading to financial holes that people may never be able to climb out of. Also, to see if there needs to be government intervention to regulate them to ensure the interest rates aren’t over inflated and ensure that the micro loans do not continue any predatory lending to individuals.