4 innovative digital lending companies in Kenya

By Edlyn Cardoza

The financial sector has drastically advanced, fulfilling its customers’ needs by providing services online. The lending sector has seen a global rise. According to KBV Research, “The South Africa Digital Lending Platform Market would witness market growth of 24.7% CAGR during the forecast period (2019-2025).”

In Africa, lending FinTech companies are constantly on the rise; Nigeria and Kenya are some examples of lending FinTech as their primary FinTech sector. Given the financial gap for MSMEs in Africa, lending FinTech paves the way to reduce the current credit gap in Africa and help the region’s economy recover.

Lending FinTech companies have helped SMEs and individuals with advanced lending services. The new-age digital lending players have showcased an ability to expand their customer base by capitalising on the needs and solving the challenges MSMEs face in accessing formal credit.

Here are 4 innovative digital lending companies in Kenya:

• Asante Financial Services Group

Asante Financial Services Group is a Credit-Led Neo Bank that supports Africa’s growth by providing financial services to growing businesses. Asante commenced operations in early 2018 and has grown to become one of the leading SME Digital Banks in the region. They have partnered with the largest telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs and large FMCGs, as corporate channel partners to access the MSMEs in their ecosystems. They are present in  Kenya, Uganda, Nigeria, and Rwanda, with active plans to expand to 7 more countries by 2025.

• Lipa Later

Lipa Later is a risk-free, point-of-sale credit option that allows retailers to sell goods and services to consumers with repayments made in affordable monthly instalments. It is one of the leading third-party instalment plans for retailers in East Africa currently operating in Kenya and Rwanda. Their product offering allows for online and offline integration with retailers and online and offline sales platforms for consumers.

• Pezesha

Pezesha means (Capital enabler). Pezesha has created a holistic digital financial infrastructure that is on a mission to be a leading enabler platform and marketplace that connects small and medium-sized businesses to working capital through a collaborative approach where banks, MFIs and other financial institutions or networks can connect on their platform to be matched with quality SMEs driving meaningful financial inclusion and reducing any inequalities on access to formal financial services.

• UbaPesa

UbaPesa is the best peer-to-peer lending app in Kenya, which allows you to lend and borrow money in real time! With its app, you can get money market information, where you can view available loans and money to borrow. You can view their UBP Scoring and CRB Score rating from the app allowing you to get a better view of their clients. You can manually request to lend or borrow a specific amount of money, and with Realtime Withdrawal, money moves to your mobile money account in real time!

ALSO READ: Global Lending Vendors & Landscape Report Q3 2022