Global financial markets have witnessed unprecedented growth in
the techniques and platforms in peer to peer lending over past two
decades due to various factors such as improvements in technology
backing such platforms, real-time access to funds, ability to
obtain unsecured personal or corporate loans among others. This
also meant that peer to peer lending does not directly fit within
the fundamental principles of the traditional financial industry
because of the same reasons. Initially, peer-to-peer platforms
majorly monetized on the funding with social circles and the
benefits of disintermediation1 as the concept of
crowdfunding for SMEs to unknown borrowers was still an untested
experiment. However, the growth and reach of the internet and
ultimately the convergence of the financial sector with technology
(FinTech) opened up new doors of opportunities globally.
Eventually, this gave birth to the need to regulate a diversified,
robust and unclassified sect of the
