Demand for loans attracts new players

Demand for financial services in the country has seen the emergence of small and micro-finance lenders offering online loans to salaried employees in government and private sector.

GetBucks, a South African firm, which entered Kenyan financial sector in 2011 has recorded high demand for instant loans.

Chief Executive Officer Tony Maulgue says the firm has disbursed short-term loans worth Sh10 million in the last 15 months and currently has 10 branches across the country. “The demand for online lending has been growing in the country.

The hectic procedure and requirements from banks has seen majority of Kenyans shy away from obtaining loans,” Maulgue said in an interview. He reckons the quick turnaround time and swift loan access through online platforms has given the firm an edge over other lenders in the market. “Our growth strategy has been quick turnaround loans  paid out within 30 minutes of application.

We have used newspapers and our branch network. Our advantage is quick turnaround time - clients apply online with their cellphones, PCs and laptops,” he said.

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