LLM Theses and Dissertations (2021)

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Browsing LLM Theses and Dissertations (2021) by Subject "Consumer protection"

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    Consumer protection in Kenya in the age of decentralized virtual currency
    (Strathmore University, 2021) Kibwage, Caroline Buyaki
    Virtual currencies are an outcome of technological progression and the evolution of money both in form and function. The increased popularity of virtual currencies is by dint of digital confluence of markets from all over the world. The uptake and adoption of decentralized virtual currencies in Kenya continue to grow and there are significant risks associated with their uptake and adoption. This study makes the case for consumer protection regulation with respect to decentralized virtual currencies by employing a doctrinal approach. The study considers the regulatory provisions in Kenya, South Africa and Mexico and outline the risks posed to Kenyans by the regulatory gaps. The key findings are that the consumer protection regulatory framework in Kenya is insufficient with respect to decentralized virtual currencies. The legal ambiguities expose Kenyan decentralised virtual currencies users to further risks. Further, consideration of South African and Mexican regimes showed the varied approaches to consumer protection in decentralized virtual currencies: South African takes a limited approach while Mexico, though it does not recognize it as legal tender, allows transactions with approved decentralized virtual currencies therefore offering a layer of consumer protection. The main recommendation offered is the reviewing of existing consumer protection provisions and other secondary provisions in Kenya to encompass decentralised virtual currencies and ensuring extraterritorial cooperation to ensure judicial compatibility.
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    Regulation of Fintech: analysis of data protection provisions aimed at protecting consumers in Kenya
    (Strathmore University, 2021) Nyawara, Delbert Ochola
    There is no single universal definition of financial technology (Fintech). Fintech can be defined as the delivery of monetary solutions using technology or even the integration and use of technology within finance. The use of Fintech has resulted in a shift in the mode of operation of most financial markets leading to increased opportunities and access to financial services. All the benefits of Fintech aside, Fintech has presented a huge challenge for regulators as there has been lack of clarity in regulation of Fintech leading to various risks being occasioned upon consumers. Additionally, most Fintech solutions do not integrate into the existing regulatory framework leading to more exposure of risk to its consumers, particularly posing risk in the protection of consumer data. In addition, there has been numerous attempts to generate certainty within the existing legal framework for regulation of Fintech. This has been argued to be stifling innovation. To this end, this thesis will assess the regulation of Fintech while protecting the interests of the consumer, particularly on data protection and fostering innovation by analyzing the prevailing regulatory framework in Kenya and across the region while drawing lessons from the United Kingdom on the need for the supervisory authorities to have appropriate mechanisms including investigative and corrective powers.