Mogo Kenya Raises USD 6.2 M Local Debt To Scale Informal-Sector Lending

Digital lender, Mogo Kenya, has raised KES 800 M (USD 6.2 M) in local-currency debt from a bank syndicate led by I&M Bank and Ecobank, marking a strategic shift away from FX-exposed foreign borrowing. The facility is the first tranche of a KES 1.5 B (USD 11.6 M) bond programme arranged by Dry Associates and guaranteed by parent company Eleving Group.

The move pushes Mogo’s funding mix to 60% local capital, with over 80% of liabilities now in KES, materially reducing currency-mismatch risk. Proceeds will scale asset-backed lending to Kenya’s informal economy—boda bodas, tuk-tuks, and smartphones—while tighter consumer-protection standards follow past scrutiny from the Competition Authority of Kenya.