Okolea loan app from Okolea International has launched in Kenya.
Using your phone you can now register in just a few minutes and receive your loan through your mobile phone. According to Okolea International CEO Peter Muraya, the Okolea loan app makes it easier and faster to access money in emergency situations, and the use of mobile money makes instant payments possible.
Variety in the mobile money loan sector has grown with the launch of this new Okolea loan app. The Okolea International mobile loan app will now offer its customers a range of online loans and investment opportunities. It takes less than 10 minutes to register and receive your loan on through your mobile phone. “The app makes it easier and faster for the technology savvy and consumers who need emergency money to access it.” said Okolea International CEO Peter Muraya,
The growth of mobile money technology enables distribution of loans to Kenyans wherever they are in the country possible in real time. Okolea loan App offers loan services in a simple accessible manner. As a customer, when you want to apply for an Okolea loan; Go to Google play store and download the Okolea App, register and borrow.
In 2016 the Kenyan Government capped lending rates resulting to banks picking up competition with mobile phone service providers like Safaricom and Airtel in embracing mobile money loan apps in a bid to cut costs. The Okolea loan app joins other established money lending apps in the market such as Tala loans, Branch, Saida, Utunzi and Jazika.
The huge demand for mobile internet connectivity and mobile money transfer services has enticed prime investors into Kenya’s exciting fintech. Banks have in some cases closed some of their conventional branches in favour of more user friendly mobile phone apps.
Investors in mobile loans have been able to roll out billions of loans without necessarily attaching stringent conditions. There are currently over 25 mobile loan service providers in Kenya, with more and more new entries launching like the Okolea loan app.
Most of these mobile loan apps require the borrower to allow their apps access to their Facebook accounts, in some cases text messages and call logs. This enables them build a customer report. Loan application and payments has really been instant, creating an extremely fantastic experience for the borrowers, unlike the conventional unfriendly process by the banks, Saccos and microfinance institutions (MFIs).