FairKash+ Loans
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In Kenya V 4.0.2
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As the world becomes more digitally inclined, financial services are not left behind. In Kenya, several loan apps have emerged, providing alternative access to credit for millions of people who have limited access to traditional banks. These apps offer quick and convenient loans, often with minimal requirements for the borrower. This article will compare the market share and product features of five popular loan apps in Kenya.
1. M-Pesa
M-Pesa, owned by Safaricom, is the largest mobile money platform in Kenya. The app allows users to send and receive money, pay bills, and access loans. M-Pesa’s lending product, Fuliza, allows users to borrow money to complete transactions when they do not have sufficient funds in their account. The loan is automatically deducted from the user’s M-Pesa account when they make a deposit.
Market Share: M-Pesa has about 25 million users in Kenya.
Product Features: No collateral required. Loans disbursed within minutes.
2. Tala
Tala is a US-based loan app that started operations in Kenya in 2014. It uses an algorithm to determine the borrower’s creditworthiness and offers loans based on this assessment. The app uses data from the borrower’s smartphone to determine their credit score.
Market Share: Tala has over 2.5 million customers in Kenya.
Free
In Kenya V 4.0.2
5.0 (1 million +)
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for Android
Product Features: Loans range from Ksh. 500 to Ksh. 30,000. Loans disbursed within minutes. No collateral required.
3. Branch
Branch is a San Francisco-based loan app that entered the Kenyan market in 2015. The app offers loans based on the borrower’s credit score and repayment history. It also uses data from the borrower’s smartphone to determine their creditworthiness.
Market Share: Branch has over 1 million customers in Kenya.
Product Features: Loans range from Ksh. 250 to Ksh. 70,000. Loans disbursed within minutes. No collateral required.
4. Zenka
Zenka is a Kenyan loan app that offers loans to individuals and SMEs. The app uses artificial intelligence to analyze the borrower’s financial behavior and determine their creditworthiness.
Market Share: Zenka has over 500,000 customers in Kenya.
Product Features: Loans range from Ksh. 500 to Ksh. 30,000. Loans disbursed within minutes. No collateral required.
5. Okash
Okash is a product of OPay, a Chinese-owned fintech company that entered the Kenyan market in 2018. The app offers loans to individuals and small businesses.
Market Share: Okash has over 500,000 customers in Kenya.
Product Features: Loans range from Ksh. 2,500 to Ksh. 50,000. Loans disbursed within minutes. No collateral required.
The loan apps discussed in this article have revolutionized access to credit in Kenya. With their quick and convenient loan disbursement processes, they are becoming more popular than traditional banks. However, borrowers should exercise caution when using these apps and ensure they understand the terms and conditions of the loan. It is important to borrow only what you can repay to avoid falling into a debt trap.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
FairKash+ is approved by the Central Bank of Kenya. Download and use it.
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