Banks should copy online lenders

It is now common knowledge that one can get a loan from online lenders without straining.

Currently, we have M-Shwari, Saida, Tala and Branch as the most popular online lenders in the country. These lenders base a client's credit worthiness on M-Pesa statements and borrowing history.

The loans have had a tremendous economic impact on small-scale investors all over the country. Many people have started or grown their own businesses, paid school fees for their children and even bought land.

Apart from KCB, in partnership with M-Pesa, other main stream banks have remained rigid with their prohibitive procedures of acquiring a loan.