KENYA – East African lender Co-op Bank has revealed that the average number of mobile loans booked has grown to Sh19,000 from Sh12,800 in the half-year to June 2016, confirming the rising interest in mobile driven lending, which many consider much more convenient.
Co-op Bank group chief executive Gideon Muriuki said it has so far issued cumulative loans worth Sh8.7 billion through the M-Co-op Cash platform since launch of the app in August 2014.
“The mobile loans are both affordable and delivery is real-time, and accessible via mobile phones,” said Mr Muriuki in an interview.
“We are focused primarily on offering advances for our salaried customers and top-up loans for our business customers with other loan facilities.”
M-Co-op Cash disburses loans of between Sh100 and Sh200,000 repayable within a month, and is available across all mobile money platforms such as M-Pesa and Airtel Money.