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List Of Mobile Loan Apps That Have Been Barred From Accessing CRB Services

Mobile loan apps

[PHOTO/ COURTESY]

Early this week, the Central Bank of Kenya (CBK) announced that all unregulated mobile loan apps had been barred from being third party credit information providers to Credit Reference Bureaus (CRBs).

In 2019 study by the government, Financial Sector Deepening (FSD) and the Bill and Melinda Gates Foundation found that over hundred mobile lending apps were operating with virtually no regulatory controls.

On the other hand, only a handful of mobile loan apps were regulated, and included those under banks and other financial institutions such as M-Shwari, KCB-M-Pesa, Absa’s Timiza and Equity’s Eazzy Loan.

Despite having formed the Digital Lenders Association (DLAK), most of the apps fell for the CBK’s ax, and they might be forced to suspend their services since CRBs acted as their first line of defence against defaulters.

The 2019 study found that the total estimated value of digital loans disbursed to borrowers in 2018 was Ksh116.8 billion – or Ksh37,464 per digital borrower per year on average.

Read: Kenyans Who Have Defaulted Loans Less Than Sh1,000 To Be Delisted From CRBs – CBK

Digital loans represent just under 9 percent of the total observed market for loans by value and are the third largest source of credit by value after non-digital commercial bank loans and loans from SACCOs/MFIs.

As of September 2018, there were 110 mobile loan apps on the two main app stores from 74 unique developers. 65 of these were pulled down as of April 2019, while 47 new ones were developed by 43 unique developers.

This brought down the number to 92 as of April 2019 in the app stores, but the number could be higher owing to new developments.

Below is a non-exhaustive list of the mobile-based lenders:-

  1. Branch
  2. Zenka
  3. Tala
  4. Opesa
  5. Okash
  6. Okolea
  7. LionCash
  8. i-Save Mobile
  9. Lendi mkopo
  10. Okoa Cash Loans
  11. Fuliza Branch
  12. Investor
  13. MB-Kash
  14. iPesa
  15. Kopa Jirani
  16. FlashPesa
  17. Zash Loan
  18. Kashway
  19. Kava Personal Loans
  20. Kua
  21. Palm Loans Kenya
  22. Afrika loans
  23. Mshiko Chap
  24. Kenya Quick Loan Shop
  25. Senti
  26. Hikash
  27. MKash Bee
  28. PesaFlash
  29. Peso Loans
  30. Carbon
  31. Hela Pesa
  32. Eazzy Loans
  33. Fululiza Senti
  34. Stawika
  35. Tajiri
  36. Loanika
  37. Saida
  38. Kuwazo
  39. Fair Money
  40. Lendy LOANS
  41. Umba (Formerly Mkopo Kaka)
  42. UbaPesa
  43. Okoa 0% Interest Loans
  44. Kash Pesa Loans
  45. Fair Branch: Instantly and Accuracy
  46. Top Loan Lenders
  47. HiCash Quick and Easy Loans to MPESA
  48. Loans Chap Chap
  49. Izwa Loans
  50. Fintech Loans
  51. Imarika Credit
  52. PesaPata
  53. Okolea Quick Loans
  54. M-KOPAY
  55. Okoa Pesa pap
  56. Kenya Quick Loans Market
  57. Instant Cash- Reliable Money
  58. Pezesha
  59. mKopa
  60. tumaPesa
  61. Duta
  62. Saida
  63. Aspira
  64. Phedha Loans

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email francis@kahawatungu.com

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