Kenya: 7 most popular digital lending platforms, and their owners
Kenya has experienced massive digital credit lending services growth since M-Shwari was launched in 2012. 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
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 55 of every 100 people acquire loans from digital lending applications.
CBK governor Patrick Njoroge speaks at a past event. Photo: Patrick Njoroge/Twitter.
The study revealed that digital lending platforms were more popular in urban areas (66%) compared to rural areas (34%).
The data indicated that 59% of men had used digital lending platforms and had multiple digital credit providers compared to women who preferred a single brand.
“Most users of digital credit subscribers are aged between 30-34 years, constituting 26% and 22% of male and female beneficiaries, respectively.
Most Kenyans prefer digital lending platforms due to convenience, easy access and fast loan remittance,” the report stated.
It also enables one to purchase airtime and data bundles direct from their Branch wallet.
The co-founders are Matt Flanery, who serves as its chief executive officer, and Daniel Jung, the chief product officer.
6. Zenka
Norwegian software maker Opera owns Zenka.
The platform started operating in Kenya in December 2018. A year later, Zenka topped as the most promising mobile loans platform in the Digital Tech Excellence Awards.
With the app, you can get a loan in five minutes.
In 2020, it was the most preferred mobile loan app in the Digital Tech Excellence Awards.
7. O-Kash
the online micro-lending service in Kenya is owned by Opera Group and operated by TenSpot Kenya Limited.
The app is available on Google Play Store and boasts over 1 million downloads.