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Browsing: TALA Tanzania
- M-Shwari accounts for 29% of the local market share, followed by KCB M-Pesa at 12%, then Equity Eazzy, Tala and MCo-op Cash at 4%, 1.8% and 1.3%, respectively
- 55 of every 100 people acquire loans from digital lending applications
- Most Kenyans prefer digital lending platforms due to convenience, easy access and fast loan remittance
Kenya has experienced massive digital credit lending services growth since the launch of M-Shwari in 2012.
Digital lending apps have additionally been fueled by increased food prices and unemployment rates, forcing citizens to run to almost anything that can put food on their table. Currently, the country boasts of over 40 digital credit providers.
M-Shwari accounts for 29% of the local market share, followed by KCB M-Pesa at 12%, then Equity Eazzy, Tala and MCo-op Cash at 4%, 1.8% and 1.3%, respectively.
The State of Digital Lending Report 2021 released by Reel Analytics, showed that
In a statement given by Tala, the company has not yet made a decision to permanently shut down its loan services in Tanzania but are reviewing its operations to make their final decision.
The statement also reads, “Tala Tanzania has not made a decision to permanently close operations. However, after piloting our credit product in Tanzania, we have paused our lending operations and are undertaking a review of our operations to determine our path forward in the market.”
The company serves more than four million subscribers at an approximated Ksh.100 billion ($961.9 million dollars) on disbursed loans, said it is actively working to continue to support financial services access to Tanzania.
According to Tala, Kenya remains at the heart of Tala’s operations with a customer reach of over three million and ease in offering financial services. It assured that its operations in Kenya would remain uninterrupted.
“Our operations …