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Lender launches weekend loan

By Standard Reporter | January 7th 2020 at 13:09:40 GMT +0300

Nairobi
Lender launches weekend loan

Kenya’s leading credit lending company Mwananchi, has launched a new product dubbed "weekend loan".

The soft loan, according to the Chief Executive officer Denis Mombo, is an incentive to its loyal clients who are diligently servicing an existing loan.

“This is the fastest loan being issued to our clients and is done so in less than ten minutes courtesy of Mwananchi Credit app that is transacted online and deposited through MPESA”, said Mr. Mombo.

He said, the facility is a top up to clients keen to accomplish urgent life mandates like birthdays, weekend parties or any other emergent expenditure. This loan beats the inconvenience of one looking for financial institutions that rarely operate on weekends. The app is available online dubbed “Mwananchi Credit App” app store.

SEE ALSO: Embracing tech in the new normal to mitigate the spread COVID-19

“Weekend loan is one of its kind and purely for our existing customers in need of urgent financial intervention in the middle of an ongoing loan at an interest rate of up to 1 per cent”, he added. He said the facility is efficient and in real time addresses clients need.

He said that clients servicing loans cannot be denied life pleasures while complying with existing loans hence the need for this facility. The loan ranges from Sh70,000 to Sh100,000 that is payable on weekly basis.

The new technology in financial industry fosters convenience to clients wishing to access credit at convenience mobile phone -without visiting a physical bank.

Financial institutions offering credit and loan facilities are investing in technology, innovation and current trends to remain afloat in the industry marred with cut throat competition.

Latest in the industry is the many online applications that offer credit facilities to clients among them Tala and Branch that are mostly owned by faceless off-shore investors.

SEE ALSO: Treasury eyes online firms to grow tax revenues


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