Introduction
Amidst the digital world of Kenya, the lure of shortcutting to money kingdom with a simple click, like, or share leads millions of unsuspecting youth into damaging economic pitfalls.
The spread of social media in Kenya has taken communication, content creation and social networking to another level, providing numerous job opportunities for idle young population. However, the advent of social media is laced with hidden deceptions. In it lies a mine field of misinformation, damaging scams and financial misappropriations.
This augmentative essay delves into the multifaceted economic pitfalls experienced by Kenyan youth on their daily use of social media, focusing principally on the effects of misinformation, fake advertising, scams and financial misappropriations. By assessing the prevalence of these economic pitfalls and their damaging outcomes on financial status of young population, this paper aims to provides legal and advocacy measures to be utilized in the elimination of risks that come with social media use and to protect the interests of Kenyan youth online.
Misinformation and fake advertising: A Web of deception
Social media platforms provide conducive environs for dissemination of misinformation and fake adverts. The youth in Kenya, who contributes majority of the poor population always fall victims of false information and treacherous online advertisements. Misleading information laced with attractive but false investment opportunities and job promises may results to financial embezzlements and disappointments. One such example is the pyramid scheme in the name of Public Likes, this is a website where victims get paid simply by clicking on ‘adverts’, (Omondi, 2018).
Scams: Exploiting vulnerabilities and negligence
Scammers and fraudulent criminals waylay their victims under the shades of social media and strike immediately an opportunity becomes available. They utilize mostly the negligence and vulnerabilities of Kenyan youth. The criminals use tempting deceptive investment schemes, and phishing attacks to lure their victims. This is evidenced in the same case of Public Likes where the company presents itself as a legitimate financial provider. In addition, the scheme, described itself as "social media marketing". In the end, this company employed cheating tactics like promises of easy money if they clicked on advertisements only for the victims to find themselves in huge financial scams (Omondi, 2018). In addition to that, the social media fraudsters hack accounts of unsuspecting youth and use them to promote their ways of life and ideologies. According to the Standard Media news online, one such example is Stephene Mburu, who owns a cyber café in Nairobi, he wakes up one day to find his Facebook account hacked and inaccessible (Nyamweya, 2019). The situation is aggravated by lack of legal protection and poor digital literacy among the susceptible youth.
Financial Exploitation: A Bleak Reality
Social media is increasingly becoming an avenue for financial misappropriation, rendering Kenyan youth vulnerable to online exploitations. The youth when faced with challenges of accessing bank loans tend to digital loans where they experience intimidations, harassments and debt shaming by ruthless unlicensed online lenders. The interest rate levied on loans is very high roughly at 40% with very short payback date. Kimeu (2022), writing for “The Guardian”, a UK based online newspaper, cited that borrowers of online digital loans are harassed through text messages send by the lenders at regular intervals to force them to pay back the loan. One example is Festus Kiprotich who had borrowed twenty thousand Kenya Shillings from an online digital lender but did not repay the money back in time because he did not read the terms and conditions well. The lender had to remind him every thirty minutes with a text message. Kiprotich had to gather money and pay the loan to have peace back in his life. The situation is made worse by the fact that online digital lenders are not licensed and monitored in Kenya by the government giving them chances to operate with impunity.
Mitigating the Risks: Towards a Safer Digital Environment
Taming economic pitfalls of social media need concerted efforts by both the government and private sector. To begin with, youth requires training in social media education and online entrepreneurship to provide them with relevant skills to enable them to recognize potential online risks before it strike them. In addition, government need to work with police and social media platforms to fight online criminal activities and restore user protection mechanisms. Private sector participation in advocacy and awareness raising remains crucial to protection of financial interests of Kenya youth. By providing transparency, and accountability, it may be possible to avoid economic risks related to social media and online entrepreneurship by Kenyan youth.
Conclusion
Challenges brought about by the economic pitfalls of social media provide serious threats to the financial capabilities of Kenyan youth. Misinformation and fake advertising, scams, and financial exploitation hinder the entrepreneurial ambitions and economic advancement of young individuals. The threats can be tamed by strong collaboration, enhanced education, and campaigns for policy strengthening. This can provide a safer and business friendly online digital space for Kenyan youth to thrive economically.
Reference
1. Kimeu C. (2022, Oct 12th). The Guardian. ‘Traumatising’: How rogue digital loan apps in Kenya intimidate borrowers.
2. Omondi D. (2018). How Kenyans were lured into Sh2 trillion Public Likes scam.
3. Nyamweya S. (2019). Agony of Facebook users whose accounts are hacked.
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