Mobile credit app firm, Tala, formerly Mkopo Rahisi, has issued loans totalling Sh1 billion in under a year of operation, highlighting Kenya’s increased appetite for cellphone-linked financing services.
California-based InVenture – which owns the mobile lending app – said the platform was gaining traction among small- and micro-entrepreneurs in need of quick loans to finance businesses, but are locked out by traditional banks which demand collateral deeming them high-risk borrowers.
The Android app collects data from the applicants’ mobile device such as call patterns and mobile money history to build a credit score. Read more. Source | Business Daily