NATIONALNEWSPeople Daily

New Okolea App facilitate instant loans

Over 300,000 Okolea App subscribers will now receive loans directly into their bank accounts from a newly established app meant to increase efficiency. The new App, just unveiled will facilitate instant loans to bank option.

A Kenyan credit enterprise, Okolea loan has always provided instant loans to cater for both business and personal financial needs.

This has seen the app become a leading player in the market due to its responsible lending culture and sizable limits to its diverse clientele. Previously Okolea customers could only get their loans sent to their Mpesa wallets.

Okolea International Chief Executive Officer, Peter Muraya said it was difficult for top customers to receive loans seamlessly when the maximum amount of loan disbursed per person is Sh250,000, Mpesa limit cap.

“We created the banking option to solve this problem on top of giving our customers more choice regarding where they would want to receive their money. This is particularly useful to business people who use cheques to pay suppliers.” Muraya added.

Research by FSD Kenya shows that about 6.5 million Kenyans are digital borrowers who do it to meet basic needs as well as replenish stocks in small businesses.

“This formed the main reasons for digital borrowing clearly showing that digital lenders like Okolea have a role to play in deepening financial inclusion in this country and beyond,” Muraya added.

He said that Okolea recognizes responsible lending as a key for sustainable growth and launched multiple loans to ensure clients borrow only what they need at a time.

“This feature has proven popular leading it to be adopted now leading banks and telecoms,” he added.

Okolea has previously allowed their customers to borrow up to three times but within their assigned limit, a feature meant to encourage customers to only borrow what they need at a time.

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