19 Loan Apps in Kenya Review: Transforming The Financial Sector

In the world that we live in, getting quick financial assistance is important to allow one to meet there financial obligations. In Kenya there are financial apps that give Kenyans a quick and easy way to get credit.

These apps are owned by tele-communication companies, bank and fintech companies. The beauty of these loan apps is that one can apply and get quick approval and that you also get to enjoy flexible repayment plans.

We are going to review different loan apps that are available to you.

Types of Loan Apps in Kenya

There are three types of loans offered through mobile apps. These loans are

  • Safaricom mobile loans
  • Loans through banking apps
  • Loan through fintech companies

Mobile Loans By Safaricom:

Safaricom is the leading telecommunication company in Kenya. It offers mobile loans through its apps. Specifically, the loan app on their platform are:-


M-Shwari is a Kenyan mobile banking service operated by Safaricom in partnership with Commercial Bank of Africa. It gives instant loans to M-Pesa subscribers. The amounts given are calculated based on the transaction history, saving and credit worthiness of the mpesa user


Fuliza on the other hand is an overdraft facility that is available to mpesa users. It allows the person to complete transactions even when they don’t have funds in their mpesa wallet.

The amount borrowed is automatically deducted when the user’s M-Pesa account is topped up. The overdraft amount is calculated based on the savings, transaction history of the mpesa user.

Mobile Loans By Kenya Banks

Quite a number of banks in Kenya have developed apps that give out loans to their customers in a convenient manner. Here are a few examples:

KCB M-Pesa

KCB m-pesa is run by KCB bank in collaboration with Safaricom. It also gives instant loan to KCB customers based on the mpesa transaction history and credit worthiness

Co-op Bank MCo-op Cash

This app is available to customers of the Cooperative Bank of Kenya. Customers are able to enjoy banking services such as loans. The loan amount is also based on their transaction history and their savings in the same bank

Loan Apps Fintech Companies

Fintech companies in Kenya have introduced loan apps that leverage digital technology to provide quick and accessible loans. These companies give you loans without CRB checks. Some popular examples include:

Tala (formerly Mkopo Rahisi)

Tala is a popular loans app that uses other forms of data such as mobile phone usage and financial behaviour to determine how much loan you’re going to be given. You get to enjoy unsecured loans with flexible repayment terms

Branch Loan App:

Branch is another well known loan app that gives its subscribers small, short-term loans. It uses data from the user’s smartphone to assess creditworthiness and offers instant loan disbursement.


Okash is a loan app owned by Opera, a Norwegian software development company. It provides instant loans to individuals based on their financial behavior and creditworthiness.

These are some of the examples of loan apps that are available to the Kenyan population.

Other Mobile Loan Apps

There are many other loan apps in the market which include:-

  1. Zenka
  2. Zash
  3. Apesa
  4. Saida
  5. Haraka
  6. Zidisha
  7. Utunzi
  8. Shika
  9. iPesa
  10. KashPlus
  11. Berry
  12. Whiz

It’s important for you as a user to do proper research and borrow finances that serve you well plus you also need to do proper research on the reputation and lending practices of your loan provider.

Importance Of Loans From Apps In Kenya

Whether it’s covering unexpected expenses, managing cash flow gaps, or seizing opportunities, having access to timely funds is essential.

Having quick access to funds is essential in the economy that we are in. Loans are important in covering expenses that are unexpected, allow you to manage your cash flow gaps and also allow you to seize opportunities that present themselves to you.

There are a number of factors that reveal how important it is for you to be able to accept quick funds. These are:-


Life is unpredictable and financial emergencies can occur which can catch someone when they are not financially stable. Having access to funds will allow you to handle financial emergencies that occur from time to time.

Such emergencies include a sudden loss of income, vehicle repair, or even a medical emergency which demands that you have access to funds to solve these problems without delay.

Opportunity cost

In the world where opportunities come fast, you have to be quick in order to grab what is in front of you. You may get the chance to invest in a promising venture or a limited-time sale so having the opportunity to get money to quickly invest in these ideas is important so that you dont miss out.


Getting financing from banks is a time-consuming process that is normally bogged down by so many obstacles.

Having access to these platforms that give you loans is a good thing because they eliminate the need for you to go to banks that will demand you fill in application forms and deal with annoying managers.


Getting quick access to financial assistance will allow you the flexibility to manage your finances. You will be able to address the immediate needs that you have without necessarily disrupting your long-term financial goals.

You will get access to short-term borrowing to bridge the gaps that you might have with the option of repaying the borrowed money within a specified time period thereby reducing the long-term financial burden on your life.

Surge of Mobile Loan Apps In Kenya.

Now let’s discuss the surge in mobile loan apps in Kenya. Kenya has witnessed a remarkable growth in mobile loan apps, which are smartphone applications that provide small, short-term loans to individuals.

This interest in moline loans can be attributed to several factors:

Mobile penetration:

Kenya has a high rate of mobile phone penetration, with a significant portion of the population owning smartphones. This widespread adoption of mobile technology has created an ideal environment for the development and growth of mobile loan apps.

A lot of Kenyans have a mobile phone and within this segment there is a huge proportion that own smartphones. This has created the perfect environment for the development and growth of mobile loan apps

Financial inclusion

Many Kenyans were excluded from the traditional banking services for a number of reasons such as lacking collateral or having a bad credit history. Mobile loan apps came up as a solution to bridge this gap by giving Kenyans accessible financial assistance to people who were shunned by the mainstream banks.

Convenience and speed

Mobile loan apps are very convenient and easy-to-use. They give Kenyans a fast way to access funds plus the application process is easy and is done through the app eliminating the need for one to physically go to a bank.

The approval process in most cases is normally automated and applicants are able to get the money through their mobile wallet or bank accounts within a few minutes or hours.

Informal sector support

There are many Kenyans who are engaged in small-scale business or self-employment. Many of these people have been shunned by the traditional banks and mobile loan apps have made it easy for them to get financing for their businesses. This access to capital allows them to purchase inventory or invest in their businesses

On the flip side, easy access to loans through mobile apps has also raised legitimate concerns. Many of these apps charge very high interest rates and employee aggressive debt collection measures.

It is therefore important for Kenyans to exercise due diligence and carefully review the terms and conditions under which they are borrowing these loans.Kenyans should also choose reputable apps the practise responsible lending practices

Overall, the rise of mobile loan apps in Kenya has helped address the need for quick and hassle-free financial assistance, contributing


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