By HERBLING DAVIDMore by this AuthorEquity Bank #ticker:EQTY has so far issued loans worth Sh57 billion through its platform Equitel launched in May 2014, highlighting Kenya’s growing uptake of mobile lending. There are also standalone mobile lending apps such as Branch, Tala, Saida and Mombo Mobile, which issue short-term loans via mobile money and charge a processing fee. Facebook-linked Branch mobile app said in July it had disbursed Sh3.6 billion ($35 million) since launching in Kenya in April 2015. Equitel’s loan book though contracted to Sh3.8 billion as at June 2017 compared to Sh5.6 billion the previous year. Typical loans borrowed via mobile were repaid in three months compared to 4.5 months in June 2016, the lender said.

Source: Daily Nation September 04, 2017 07:41 UTC