Mobile Loans In Kenya

  1. Access to credit has taken a huge boost in Kenya with the introduction of mobile loans. All you need to have is a mobile phone that is registered with a service provider, be over 18years old and be creditworthy.

Data from the central bank of Kenya show that the number of Kenyans borrowing mobile loans has grown from lows of 200,000 in 2016 to as many as 3.8 million at the end of 2021. This shows how much mobile loans have become and the critical roles they play in the lives of ordinary Kenyans.

Kenyans have borrowed more than Ksh50.6 billion by the end of 2021.

The increase in the popularity of mobile loans has however come at a cost with the interest rates charged being as high as 520% per annum. This has led to high default rates. Many mobile loan providers were listing their clients with CRBs after default

What Are The Statistics On Mobile Loans In Kenya?

Since the advent of covid-19, the situation has gotten worse with the majority of Kenyans relying on mobile loans to get by. According to a survey by The Africa report:

  • The majority of Kenyans (82.4%) are willing to continue borrowing digital loans to invest in businesses including stocks;
  • 62% of these borrowers go-to digital lenders as their first option, then to family and friends;
  • Digital loans are helping many businesses and households to settle their bills on time.
  • The study also reportedly found that tough economic situations were the main reason why most Kenyans would miss their loan repayment deadline and that with a credit of between KSh10,000 – KSh100,000, investing in a business is a top priority, while education and food come second and third, respectively.

This study was done with over 1,000 digital lending clients between October 2021 and November 2021.

The proliferation of lenders has, however, saddled borrowers with high-interest rates that rise to 520 percent per year, leading to mounting defaults and an ever-growing number of defaulters. As of June 2021, the number of Kenyans listed negatively at the CRBs was 14 million. This led to the government barring the listing of loans defaulters with loans less than Ksh5 million.

Who Are The Mobile Loan Providers In Kenya?

When it comes to mobile loan providers, we can divide the players into three broad categories.

1. Telecommunication Providers

Here Safaricom is leading the fray with the following loan products:

  • Fuliza Offered in conjunction with NCBA bank
  • M-shwari offered in conjunction with NCBA bank
  • KCB M-pesa offered in conjunction with KCB bank

2. Bank Mobile Loans

Here we have the ordinary banks offering mobile loans to their users. The banks have gone ahead to enable one to open a bank account using a mobile phone and access the loans. They are as follow:

  • Timiza loan app by ABSA Bank
  • PrimeKopa app by Prime bank
  • PesaPap app by Family Bank
  • NCBA Loop app by NCBA bank
  • HF Whizz by Housing Finance bank
  • Eazzy App by Equity Bank
  • KCB Vooma Loan by KCB Bank
  • MCo-Op Cash by Co-operative Bank
  • M-FANISI by Maisha Microfinance Bank
  • MyConso App from Consolidated Bank of Kenya
  • Musoni Mobile by Musoni Microfinance

3. Loan Apps Providers

Loan apps are more common even than bank mobile loans. This is because many of the apps have less stringent application and vetting procedures. The downside is that majority of these loan apps have exorbitant interest rates that make it sometimes impossible to repay the loans.

Most of these apps have been barred by the central bank of Kenya from listing defaulters with CRBs. As of 2022, there were over 100 loan apps in Kenya. Some of them include but are not limited to the following:

  1. Zenka Loan App
  2. TalaLoan App
  3. OKash Loan App
  4. iPesa Loan App
  5. Okolea Loan App
  6. FlashPesa Loan App
  7. OPesa Loan App
  8. CashNow Loan App
  9. Kashway Loan App
  10. CreditHela Loan App
  11. Creditmoja Loan App
  12. Meta Loan App
  13. Branch Loan App
  14. LionCash Loan App
  15. Zash Loan App
  16. Timiza Loan App
  17. PesaZone Loan App
  18. FairKash Loan App
  19. HikashLoan App
  20. Patron Loan App
  21. SentiLoan App
  22. Berry Loan App
  23. Kashbean Loan App
  24. BayesLoan App
  25. KashPlus Loan App
  26. MoKash Loan App
  27. Apesa Loan App
  28. LendPlus Loan App
  29. FaKash Loan App
  30. Pocket Cash Loan App
  31. AfrikaLoan Loan App
  32. Seven Kash Loan App
  33. KesMallLoan App
  34. CreditKes Loan App
  35. MyKes Loan App
  36. LoanPesa Loan App
  37. KesLoan Loan App
  38. Pesa Loan Loan App
  39. AsapKash Loan App
  40. Saida Loan App
  41. DirectCash Loan App
  42. FairMoney Loan App
  43. TiFi Slice Loan App
  44. Mkopo Loan to Mpesa Kenya
  45. Stawika Loan App
  46. Sky Pesa Loan App
  47. YeahKash Loan App
  48. Lemon Kash Loan App
  49. MB-Kash Loan App
  50. Fuliza Branch Loan App
  51. M-KASH Loan App
  52. L-Pesa Loan App
  53. Izwa Loans Loan App
  54. FastKash Loan App..india*
  55. Kopa Kash Loan App
  56. UbaPesa Loan App
  57. Kuwazo Loan App
  58. iUpesi Kash Loan App
  59. Helacash Loan App
  60. EasyKash Loan App
  61. HELA PESA Loan App
  62. CashSea Loan App
  63. Bawa Credit Loan App
  64. Air Credit Loan Ap
  65. Kasi Loan Loan App
  66. Okoa cash loan App
  67. Elevate Loan App*
  68. Kopa Loan App
  69. kashway loan app*
  70. WayKash Kenya Loan App*
  71. Scoppe Loan App
  72. L Cash Loan App
  73. Kava Loan App
  74. Kinvest Loan App
  75. LKash Loan App
  76. Zidisha Loan App
  77. Sortika Loan App
  78. Lee Cash Loan App
  79. Family Loans Loan App
  80. Okoa Pesa pap Loan App
  81. Ustawi Loan App
  82. Hustler Loans Loan App
  83. Loan Kash Loan App
  84. CashNow Loan App
  85. FairCash Loan App
  86. Quick Instant Loan App
  87. Pesanow Loan App
  88. Afrecash Loan App
  89. Inuka Loan App
  90. Inua Funds Loan App
  91. mKopa Loan App
  92. Mobile Loans Kenya App
  93. Aella Loan App
  94. Me-Pesa Loan App
  95. PesaKit Loan App
  96. Haraka Loan App
  97. Kash Chapaa Loan App
  98. Mpaso Loan App
  99. Jistawi Loan App
  100. CEMES Loan App
  101. IIFL Loan App
  102. Pngme Loan App
  103. Cash-flex Loans App
  104. CashBerry Loan App
  105. Kopesha Loan App
  106. Azima Loan App
  107. DevPesa Loan App
  108. Credit Loans Loan App
  109. Xash Loan App
  110. Little Pesa Loan App
  111. PesaPata Loan App
  112. Ooh Kash Loan App
  113. Ezesha Loan App
  114. Flash LoanLoan App
  115. Mwananchi Credit Loan App
  116. Pronto Loan App
  117. CashplusLoan App
  118. WezeshaLoan App
  119. Take Loans-Get Cash Loans App
  120. M-KOPA Loan App
  121. MOMBO Loan App
  122. Uwezo Pesa Mtaani Loan App
  123. Palm Mpesa Loans App
  124. Blocka Cash Loan App
  125. Ganji Loan App
  126. KopeshaCash Loan App
  127. Kilele Loan App
  128. Maisha Poa Loan App
  129. Tala Hela Loan App
  130. HaziniLoan App
  131. O-Kano Loan App
  132. Ahili Loan App
  133. Jawabu Biashara Loan App
  134. Eazy Loans Loan App
  135. Uni-cash Loan App
  136. Swift Loans Loan App
  137. Nawiri Loan App
  138. Mkopo Kenya Loan App
  139. Loans and credit Loan App
  140. Mobiloan Loan App
  141. Express Loan App
  142. Kopesha Loans App
  143. KashNow Loans App
  144. Boresha Loans App
  145. dolaxPlusLoans App
  146. M-Cosmo Loans App
  147. KashPlus Loans App
  148. LetsGo Loans App
  149. LionCash Loans App
  150. Platinum Loans App
  151. Eazy Cash Loans App
  152. Loan MapesaLoans App
  153. CashWay Loans App
  154. Pesa Pewa Loans App
  155. Ushindi Cash Loans App
  156. KNPay Loans App
  157. CashWay Loans Loans App
  158. Flash Loans App
  159. Fintech Loans App
  160. KK Loans App
  161. Zanke Loans App
  162. Kashway Loans App
  163. M-KopeshaLoans App
  164. Credit Kash Loans App
  165. wezaloans Loans App
  166. Palm Mobile Loans App
  167. M-Loans Loans App
  168. MaSenti Loans App
  169. T-Kash Loans App
  170. Jamii Loans App
  171. 24/7 Loans App
  172. Inpesa Pap App
  173. Inua Mkopo Loans App
  174. Loan Now Loans App
  175. Instahela Loan App
  176. Jiinue Loans App
  177. Mkopo Rahisi Loans App
  178. Kopacash Loans App
  179. MaishsCredit Loans App
  180. Kopesha Loans App
  181. Pesa Loan App
  182. Copia Loans App
  183. Flashy Pesa Loans App
  184. Kopo Kash loans App
  185. Tujijenge Instant Loans App
  186. Qwik Loans App
  187. Online loan for everyone without rejection advises App
  188. StarksPesa Loans App
  189. Ufanisi Credit Loans App
  190. RealPesa Loans App
  191. Loan Pap Loans App
  192. Life Cash Loans App
  193. MaPesa Loans App
  194. lendiplus Loans App
  195. Cash Cash Loans App
  196. fulusi Loans App
  197. Cashy Loans App
  198. Easy Cash Loans App
  199. QuickCash Loans App
  200. Faida Yetu Loans App
  201. Borrow Money Fast Loans App
  202. Quick Pesa Loans App
  203. Hela Pesa Loans App
  204. Swift Cash Loans App
  205. Fu LIZA ChapChap Loans App
  206. K Pesa Loans App
  207. Unifi-Fast Cash Loans App
  208. CashWay Loans App
  209. KashNow Loans App
  210. GoLoan Loans App
  211. Wezesha Loans App
  212. T-Kash Extra Loans App
  213. AEC Loan Loans App
  214. KopaKash Loans App
  215. Get Loan App
  216. SALT Crypto Loans App
  217. APFKash Loans App
  218. Lendtek Loans App
  219. Fanaka Credit Loans App
  220. Huduma Loans App
  221. Kopa Pesa Loans App
  222. Loan Kawala Loans App
  223. Prime Capital Loans App
  224. HiPesa Loans App
  225. Kopa Loans App
  226. Digital Credit My Friend Loans App
  227. Agiza Loans App
  228. M-cash Loans App
  229. Fathili Loans App

Final Thoughts

The many loan apps available in Kenya give a wide range of choices when you need cash to save the day. These loan apps may have better terms of payment than bank loans, but the catch is on the interest charged. This may be as high as 500% per annum which is very exploitative.

The apps do not expressly tell you this fact but will hide it in plain sight by stating the loan interest is only for the days the loan is outstanding. The days are usually short but when you calculate it on annual basis, it becomes apparent the amounts charged.

For example, an app that gives you a loan of Ksh1,000 to repay within 30 days and charges you a processing fee of Ksh40 and an interest of Ksh160 will claim to only charge 16%. What they do not tell you is that for 12 months the interest rate is 192%!

Bank mobile loans are cheaper as compared to app loans if you can qualify to get one.