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9 Best Mobile Lending Apps in Kenya in 2021

9 Best Mobile Lending Apps in Kenya in 2021
Best mobile lending apps in Kenya
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Mobile lending apps in Kenya have eased the application and disbursement of microloans (mostly below KES 50,000) .The best mobile lending apps in Kenya continue to transform how lending is done in this country as more and more people opt for such avenues at the expense of banks and other traditional lending institutions.

Despite the ravages of COVID 19 most mobile lender have resumed lending albeit with cautionary vetting and lower limits. Sadly massive defaults have been reported as most customer take advantages of new CBK rules on Credit Reference to defer or simply default on their loans.

Being pioneers in mobile money transfer using Mpesa, Kenyans have become addicted to instant loans that require little or no security at all. There are tens of mobile loan apps in Kenya for genuine instant loans. However in this list we have curated the best ones for you. Mobile loan apps are giving banks a run for their money. This is because, for beginners, they are instant as opposed to bank loans where one has to go through a tedious process and then wait before the credit is given. Loan apps also remove the question of guarantors and security before they offer their loans. Banks, on the other hand, will ask you to seek for guarantors and then you have to secure your loan. While there are many pros of loan apps, borrowers should be keen not to be conned by dubious apps especially those that require paid registration.

1. Tala. Among the best mobile lending apps in Kenya, Pioneer Tala is available on Google Play Store, and once you have downloaded the app, you can sign up and start accessing quick mobile loans in Kenya. You must provide your details for your account to be verified. Tala provides personalized loans based on your digital credit history. Here you can track your credit using My Tala Status and repay the whole amount at once or in partial payments. You can repay your loan using Mpesa Xpress or through the paybill number 851900.

Tala Mobile Lending Kenya

2. Mshwari by Safaricom and NCBA is one of the most widely used mobile loan services in Kenya. It is not just a lending platform but a paperless banking service that allows users to save in addition to borrowing. Saving money through Mshwari earns you a 6.65% interest per annum. All disbursements are done via MPESA. You access loans of a minimum of Ksh. 100 and the limit rises based on your credit history. You can only access Mshwari loans if you have Safaricom line.


3. KCB M-Pesa This is another mobile money lender affiliated with Safaricom although it is owned the Kenya Commercial Bank. KCB M-Pesa also enables you to save, thus enabling you to borrow. KCB M-Pesa can be accessed through the M-Pesa menu on your phone, so you must have a Safaricom sim card as well. KCB M-Pesa has a special feature called top-up that allows you to request for a loan more than once as long as you have not exceeded your limit.


4. Timiza from Barclays Banks have not been left behind when it comes to mobile loans apps in Kenya. Timiza is an app by Barclays bank that allows users to do all kinds of banking from their phones. Services that are offered through Timiza include loans, fund transfers, insurance purchases and many more. Timiza app is available on Google Play Store, but for those who can’t access it, they can dial #848 to register.

Absa Timiza Mobile Lending App
Absa’s Timiza mobile leding app

5. Branch Branch is one of the most established mobile money lenders in and outside of the country. Being one of the earliest ,Branch made it in our list of the best mobile lending apps in Kenya. Through Branch, one can access up to Ksh. 70,000 from their smartphones at any time. All you have to do is download the Branch app on Google Play Store and follow easy steps to register. Loans are approved in less than 24 hours, and there are no hidden fees. The lender does not charge late fees or rollover fees which is why the app is preferred by many people.

Branch Lending Service
Branch,A popular Mobile Lending Service

6. iPesa :iPesa loan app offers unsecured credits from as low as Ksh. 500 to Ksh. 50,000. The shortest tenor for credits is 91 days while the longest is 180 days so you will have enough time to repay your credit. Their interest rate stands at 12% with no service fee. Once you download the app register with your M-Pesa number and then apply for the exact amount, you need. If you repay your credits on time, your credit limit will be set at Ksh. 50,000.

IPESA Mobile Lending Service
IPESA Facebook Page

7. Zenka If you have not used Zenka app to borrow credits, you will love it. The first credit is interest and service fee-free. It means you only have to pay the amount you borrowed within the stipulated time, which is usually 61 days. You can download Zenka app from their website Zenka and install it on your phone. After filling the application form, you will receive the requested amount in less than five minutes.

Zenka Mobile Loan Landing Page
Zenka Mobile loan Service

8. Okash :Okash credit app provides both personal and business loans of up to Ksh. 60,000. You just need to download the app from Google Play Store, install it and register. Using the personal details you provided, Okash determines your credit limit and the period within which you have to repay. The interest rate is slightly higher at 14%, but your credit will be timely for you to sort your monetary needs. Okash was recently in the news for using unconventional loan recovery tactics by making incessant calls to the borrower’s relatives using data pulled from customers’ phonebook.

O-Kash Mobile Lender
Mobile lending Service by Okash Landing Page

9. HF Whizz HF Whizz credit app works for both Android and IOS phones. HF Whiff belongs to the Housing Finance Group, making it among the most trusted lenders based on the reputation of the parent company. The mortgage company backs the app with its financial might hence giving client’s assurance of transparency. Once the app has saved your details, you do not have to input the paybill number, thus eliminating the risk of entering the wrong number. Many credit companies in Kenya are considering going the same route; hence we should see more apps in the future.

HF Mobile Lending App
Whizz,HF Mobile Lending App

Mobile lending Apps in Kenya continue to take root in how Kenyans access small credits. We expect competition in this sector to grow as more player enter to partake in the lucrative mobile lending market pie. This list of 9 best mobile lending apps in Kenya will certainly evolve and we welcome your comments about the same below.

Feel we have left out your favorite app from our best 9 mobile lender in the country? Kindly let us know in the comments below


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