It is no doubt that digital lending has transformed Kenya’s financial landscape. Soon after the online lending technology was unveiled, loan borrowers quickly shifted from traditional loan lenders and opted for digital loans.
Before the advent of digital credits, Kenya had a low rate of financial inclusion. These digital loans have over time grown to become a major source of credit for many entrepreneurs who have had difficulty in securing credit from traditional banks due to lack of credit records.
The value of financial inclusion cannot be underestimated as it is key for empowering and transforming the lives of all people more so, the poor who lack access to financial services and products. Different digital innovations across the financial sector have had a significant influence on improving the provision of financial services.
With easy access to financial services, people are able to improve their lives, boost their businesses and more importantly, develop the country as well as the world. Digital lending platforms continue to ensure billions of people, previously excluded from formal financial markets, get to have greater access to the banking sector as well as investment products.
Notably, fintech firms have custom-made products and services for previously under-served markets. Zenka, a mobile fintech company, has introduced new features to the Kenyan market. Other than lending loans using the Zenka Loan App (available on Google Play Store and the App Store), the platform allows ‘Mulika Mwizi’ or feature phone users to access their instant loan via USSD short code *841#.
That is not all, Zenka also allows potential customers to try out its services at no cost and test whether they satisfy their needs. Every single customer who qualifies to take a loan has the chance to test it at no charge (there is no registration fee, no commission, no interest).
Zenka’s client-oriented strategy has fast-tracked the growth of its platform as it managed to serve 700,000 customers in just seven months.
The lender grants loan products from Ksh 500 to Ksh 20,000 with a repayment period of up to 30 days. For borrowers unable to repay on time, Zenka extends the time period for repayment. For more information, log on to www.zenka.co.ke.
Borrowing loans from banks can be tiresome because it involves a tedious application process. Zenka, loan disbursement process takes about 5 minutes, and money is transferred on the M-Pesa account.
The ease of accessing digital loans has enticed many into borrowing loans, and many borrowers have found themselves with excessive debts. In a bid to protect its clients from over-indebtedness, Zenka has developed sophisticated tools for customer identification and creditworthiness evaluation.
The platform won a 1st runner-up award for the fastest growing non-banking loan platform at The Financial Inclusion Awards (Fini Awards) 2019 held at Crowne Plaza Hotel in Nairobi on August 9.
Despite being in the market for a short time, Zenka has bagged a top accolade for being the most preferred non-banking platform. With the fierce competition from right, left and center, Zenka managed to take home the award.
“Winning these awards was a testimony to the hard work and dedication of the whole Zenka team. Nothing can motivate us more to further effort than such massive and heart-warming support given by our customers,” summarizes Zenka’s CEO.