Some Kenyans still use the informal borrowing solutions such as' Chama ', friends,family.
There have been some concern because most youth use the Apps and some of them are unable to pay back the loans hence blacklisted in the Credit Reference Bureau (CRB) where you cannot borrow more loans in any other mobile banking, digital app.
CRB is a firm that collects data /information from various sources and provides consumer credit information on individual consumers for a variety of uses. A CRB provides information on individuals borrowing and bill paying habits. Whose information is shared between financial institutions in the country.This helps to identify the people who don't pay back their loans, majority being the youth.
However, more Kenyans survive on mobile loans thanks to the innovative ways of getting credit in Kenya. Getting personal loans are more easier and faster than getting a traditional bank loan.
Customers who need to borrow a small personal loan for an amount between Ksh 100 and Ksh 50,000, will have an instant approval with money deposited directly into their Mpesa accounts.
Let's take a look at some of top loan list in Kenya 2019
Mshwari
A mobile banking service offered through Mpesa in partnership with Commercial bank of Africa (CBA). The App was formed in 2012 and has been active ever since . You are allowed to borrow with limit being Ksh 100 to the maximum is unknown.
It usually have a repayment of duration of 30 days and attract an interest of 7.5%.
TALA
The App belongs to a California finance company based in Kenya which offers instant mobile loans. It offers a minimum loan amount from Ksh 500 to a maximum loan of Ksh 30,000 to the subsequent users with good loan repayment history.
They also give a repayment duration of 30 days.
KCB MPESA
The App is a partnership between the Kenya Commercial Bank (KCB) and MPESA through Safaricom.
The loan limit starts from Ksh 50 to having the maximum up to 1,000,000.
The duration of repayment given is 30 days.
SAIDA
The App is found on Google App Store.You get instant cash through via Mpesa in your phone.
You can borrow loan starting from Ksh 100 to maximum loan of Ksh 25,000.
Duration of repayment of loan is 30 days.
Kopa Chapaa
Kopa Chapaa is a convenient 10 day loan available to Airtel Money customers for low-value cash emergencies in partnership with Faulu Kenya.
The loan limit starts from Ksh 500 and the maximum loan being Ksh 10,000
If you fail to meet your repayment deadline, you are automatically blacklisted in the National Credit Reference Bureau (CRB) whose information is shared between financial institutions in the country.