Tala recently rebranded from Mkopo Rahisi. In the past it has been giving out loans up to Kshs 10,000 but has since upgraded the loan amount to Kshs.50,000. For you to access their loans, you have to download their Android app, create an account and answer a few questions that will help them determine whether you qualify for the loan or not. They conduct their risk analysis by checking your Mpesa transaction history.
Once you get your loan you can choose to repay in two instalments within a month or pay once at the end of the month. Once the loan has been approved, it will be sent to you via Mpesa.
The interest rate for the loan repayment is 11% and 15% depending on the amount.
Branch describes itself as a for profit socially conscious company based in San Francisco and Nairobi. To be able to access their loans, one has to download their Android app, fill out a form in the app and submit for a quick review.
When you download the app, it asks for access to some of the social and transactional history already stored on your phone courtesy of Mpesa and Facebook among other apps. Though this, they are able to analyse details like how much you spend in a day, whether or not you have a loan with other lenders, how much money you have deposited in Mpesa and who your friends and business associates are. Through this they are able to determine your risk profile.
Those who might not be on Facebook and as such don’t have a “digital identity” can initially request to borrow a small amount of money, repay it on time after which they can borrow bigger amounts with time. The good thing about Branch is that as you build your credit history, the fees reduce and you are able to access larger loans and more flexible credit terms.
The features of the loan include; loan amounts of Kshs.250 ($2.5) to Kshs.50,000 ($500), repayment periods of 2 weeks to 1 month and interest rates of 6% to 16%.
3. KCB M-PESA
This saving and loans account is the result of a partnership between Kenya Commercial Bank and Safaricom. It is a virtual mobile based bank account that allows customers to borrow micro loans between Kshs.50 and Kshs. 1 M. The savings option has a minimum saving of Kshs.1 and maximum saving of Ksh. 1M at a 6% interest rate.
To activate it, just go to your Mpesa menu, loans and savings option and finally KCB Mpesa. In this case your Mpesa transcation history plus how much you have saved in your KCB Mpesa account will determine how big a loan you will get.
To be eligible one has to be atleast 18 years old, have a registered and active Mpesa account for atleast 6 months and an updated Mpesa menu.
The loan features include; loan amounts of Kshs.50 to Kshs.1M, repayment period of 1 month, 3 months and 6 months, the interest rates depend on repayment period: 6% (1 month), 5% (3 months), 4% (6 months).
Launched in 2012, this collaboration of CBA bank and Safaricom took the country by storm. So popular was it that by 2015 there were over 10 million Mshwari accounts with CBA disbursing over 50,000 loans every day.
To be eligible for an Mshwari loan, you have to be over 18 years old, have a registered and active Mpesa account for about 6 months and you also need to have updated your Mpesa menu.
The minimum loan amount that one can access is Kshs 100 and the maximum amount is Kshs.20,000. The repayment period is 30 days and the interest rate is 7.5%. The loan is disbursed via Mpesa, loan repayment can be done via Mpesa or be deducted from your Mshwari account. In the event that you delay or default on payment, you will be charged a 7.5% facilitation fee on the outstanding loan balance.
5. Pesa Pata
Launched in 2012, the mobile money service is run by Paddy Micro Investments. Pesa Pata unlike other mobile money services uses trust rather than conduct a risk based on transactional history to determine who to lend. This is basically how it works, a kiosk owner gives a client that they trust a scratch card worth between Kshs 250 and Kshs 5000. The client then scratches the card to reveal a secret number that they then load onto their mobile loan and are credited as a short term loan on the their Mpesa account.
To be able to use the service you need to first register as a client using dial *269# on your Safaricom line and send Kshs 100 to the Mpesa PayBill number 519606.
The interest charged is between 5 % – 10 % and your repayment behavior will influence your loan increment eligibility.
6. Eazzy Loan
This loan is provided by Equitel, a mobile banking platform launched by Equity last year. The first thing that you need to do is to open an Equity account after which you are eligible to get an Equitel line. Once you get the simcard just go to the sim toolkit, select my money and thereafter loans. Follow the prompts to be able to get a loan. Being a product designed by a bank, the expectation is that you need to have saved with them for a period of time before they can advance a loan to you.
The Eazzy loan features include; interest rate of 2%-10% per month of the loan amount on a flat rate, the minimum loan amount is Kshs.1,000 and the maximum loan period is 12 months. In case you delay to make a payment you will be charged a fee of 6% per annum above the normal interest rates on the amount outstanding
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