As at now the world population of people infected with COVID-19 is over 3.5 million with at least 280,000 deaths reported. In Africa, the number stands at 60,000 with cases in Kenya rising exponentially as days go by. COVID-19 has but hard on the Kenyan economy shrinking finances and eating all the money left in the poor man’s coffer.
Though the government intervention and the help of Cental bank, a number of state directives were put forth to help Kenyans survive this harsh times including reducing taxes and setting COVID-19 emergency funds to help if the situation becomes uncontrollable. Kenyans have been resorting to digital lenders to save the day, but some have put u stringent measures that are discouraging ti the borrower.
Unlike in the past where one would ask for a loan and get it almost immediately, as at now it takes much longer to get your loan approved and your application is rejected one has to wait for a little much longer. This was expected of them because they are afraid of high default rates and low rate of repayment from those who have previously borrowed from them.
However, here is a list of reliable digital lenders that Kenyans in need of a mobile loan can go to and get a loan as they would previously.
1. Timiza
It’s a product of Absa Bank Kenya formerly Barclays Bank of Kenya. Its among the best mobile money lending app that Kenyans have come to enjoy its services.
2. PesaPap
It is financed by Family Bank of Kenya. Pesapap loan app has retained its services even during this COVID-19 pandemic.
3. M-shwari,
This is product of Safaricom in partnership with NCBA Bank. Safaricom subscribers are eligible for application and they can borrow as muh as their savings can allow
4. KCB Mpesa
Is a product of Safaricom in partnership with KCB. Mpesa subscribers are eligible for applications.
5. Stawi
It is a product of Kenyan government in partnership with major banks including KCB, Absa Bank, Cooperative Bank, Diamond Trust Bank (DTB) and Equity Bank The loan app targets traders with loans of up to Ksh 250,000
7. HF Whizz
Its a product of Housing Finance Corporation (HFC) and is among the apps still providing quick loans to customers amid COVID-19 pandemic.
