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US-based mobile app lends Kenyans Sh1bn under one year

Published on May 31, 2016

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