Here are some of the most popular mobile money lending apps in Kenya, providing quick and convenient loan options to users:
1. Tala
Tala is one of the oldest and most popular mobile loan apps in Kenya. It provides instant loans ranging from Ksh 500 to Ksh 50,000. Tala uses advanced technology to assess creditworthiness and offers flexible repayment terms. The app charges an interest rate between 5% and 15.7% per month. Learn more about Tala
2. Branch
Branch offers loans between Ksh 500 and Ksh 300,000 with interest rates ranging from 17% to 35% annually. The app provides flexible repayment terms from 1 to 12 weeks and does not charge late fees or withdrawal charges. Branch also offers additional services like business loans and savings. Learn more about Branch
3. M-Shwari
A collaboration between Safaricom and NCBA Bank, M-Shwari integrates with M-Pesa to offer loans and savings. Users can get loans from Ksh 100 to Ksh 50,000 at a 7.5% one-time fee. The loan term is 30 days, and the service also offers a savings account with an annual interest rate of 6.5%. Learn more about M-Shwari
4. KCB M-Pesa
KCB M-Pesa, a partnership between KCB Bank and Safaricom, provides loans ranging from Ksh 50 to Ksh 1 million. The loans come with an 8.85% interest rate and a 30-day repayment period. Users can access the service directly through the M-Pesa menu. Learn more about KCB M-Pesa
5. Fuliza
Fuliza, an overdraft service by Safaricom, allows users to complete transactions even when they have insufficient funds in their M-Pesa account. There is no minimum loan amount, but the maximum is Ksh 70,000. Fuliza charges a 1% access fee and a daily interest rate. Learn more about Fuliza
6. Okash
Managed by Opera Group, Okash offers loans from Ksh 1,500 to Ksh 50,000 with an interest rate of 16.8% to 36% depending on the loan term. The repayment period ranges from 14 to 21 days, and late repayments attract a daily fee of 2%. Learn more about Okash
7. Zenka
Zenka provides loans up to Ksh 50,000 with a flexible repayment period of up to 61 days. The app uses risk-based pricing with interest rates between 9% and 39%. Zenka is known for its user-friendly interface and quick loan disbursements. Learn more about Zenka
8. Timiza
Timiza, offered by Absa Bank, allows users to borrow up to Ksh 150,000. The app charges a 5% origination fee and a 1.56% monthly interest rate. The standard repayment period is 30 days, but users can extend it for an additional month with a 5% charge on the outstanding balance. Learn more about Timiza
9. MCo-opCash
MCo-opCash by Co-operative Bank of Kenya provides loans up to Ksh 500,000 with an interest rate of 1.083% and a 3% appraisal fee. The app offers flexible repayment periods and additional banking services like cash transfers and airtime purchases. Learn more about MCo-opCash
10. Eazzy Loan
Eazzy Loan, developed by Equity Bank Kenya, offers loans up to Ksh 3 million with repayment periods up to 24 months. The app is known for its simplicity and requires no guarantors or paperwork for loan applications. Learn more about Eazzy Loan
These apps play a significant role in providing quick financial assistance to individuals and small businesses, contributing to Kenya’s economic development by promoting financial inclusion and literacy.
