Lenders That Require Mpesa Statement To Offer Loans In Kenya: Is it Worth?

 

In Kenya, the utilization of mobile financial services, particularly M-Pesa, has revolutionized the lending landscape. Many  lenders have integrated M-Pesa as a requirement for applying for loans. One common practice among these lenders especially loan apps is requesting access to an individual's M-Pesa statement as part of the verification process.

The M-Pesa statement serves as a crucial tool for lenders to assess an applicant's creditworthiness and financial stability. By analyzing the transaction history provided in the statement, lenders can evaluate the individual's income, expenditure patterns, repayment behavior, and overall financial health. This information helps them make informed decisions regarding loan approvals and determining appropriate loan amounts and interest rates.

However, the requirement for M-Pesa statements has sparked various discussions and debates within the Kenyan financial landscape. While some view it as a necessary step towards responsible lending and risk assessment, others raise concerns regarding privacy, data security, and potential misuse of personal financial information.

On one hand, proponents argue that accessing an applicant's M-Pesa statement allows lenders to extend credit to individuals who may not have a formal credit history or collateral. This inclusionary approach enables a broader segment of the population to access much-needed financial services, fostering economic empowerment and financial inclusion.

Moreover, proponents highlight the benefits of leveraging advanced data analytics and machine learning algorithms to extract valuable insights from M-Pesa transaction data. These insights enable lenders to tailor loan products to meet the specific needs of different customer segments, leading to more personalized and affordable financial solutions.

On the other hand, critics express concerns about the privacy implications of sharing M-Pesa transaction data with third-party lenders. They argue that indiscriminate access to sensitive financial information could expose individuals to risks such as identity theft, fraud, and unauthorized use of personal data.

Additionally, there are concerns about the transparency and accountability of loan apps in handling M-Pesa data. Questions arise regarding the safeguards in place to protect customer data from unauthorized access, misuse, or exploitation for purposes other than loan assessment and approval.

How To Get your Mpesa Statement 

Getting your mpesa statement is an easy task all you need is your phone and an email address that will receive the statement. 

Here is the easiest step by step procedure on how to get your Mpesa Statement: 

• On your phone dial*234#
• Select ( 5) " Mpesa information"
• Choose option (1)" Mpesa Statement "
• Select option (1) "Request Statement "
• Choose Full/ specify duration 
• Enter your Email address 
• Enter your Mpesa PIN and send 

You will receive your Mpesa Statement in the shortest time possible. 

Lenders that use Mpesa Statement To Approve Loans in Kenya: 

The list of loan givers in Kenya that offer loans after asking for Mpesa Statement are as follows: 

• Berry Loan App 
• Kweli Smart Solutions Ltd 
• Bayes Loan App 
• Springboard Capital 
• Musoni Microfinance 
• Mogo Kenya
• Pezesha Loan App 
• Ngao Credit
• Izwe Loans 
• Fin Kenya
• Incredo Finance 
• Unifi Credit Kenya 
• Mwananchi Credit ltd 

Berry loan app 

Berry loan app requires Mpesa statement to make their lending decision.

This is one of the oldest and most trusted loan apps in Kenya. The app give loans from Kes 1000 up to Kes 50,000 at interest rates of between 27% and 260% APR per year with longer repayment period from 65 days. To check more on the app use this link. 

Kweli Smart Solutions Ltd 

Kweli Smart Solutions Ltd is a legitimate online lending company in Kenya. The lender is one of the first group to be approved by Central Bank of Kenya to offer digital lending in Kenya. Kweli Smart Solutions Ltd will ask for Mpesa Statement before giving out loans. 

Bayes Loan App 

Bayes Loan App requires Mpesa statement before giving out loans. 

Bayes Loan App is also a digital lender in Kenya that give quick loans to Kenyans from Kes 1000 at low interest rates with longer repayment period up to 3 months. To apply for the loans view the app here. 

Mogo Kenya 

Mogo Kenya is a leading financing company in Kenya. Mogo offer car financing as well as mobile phone financing ( Mogo Simu). They also require mpesa statement for their quick loans approval. 

Unifi Credit Kenya 

This lender also asks for Mpesa Statement for their loan approval. Through this lender Kenyans can access quick loans at low interest rates with higher limits .

Pezesha Loan App 

Pezesha Loan App is one of the oldest loan apps in Kenya that requires Mpesa statement for loan approval. Through Pezesha many Kenyans have accessed quick loans for their small businesses at low interest rates at longer easy and flexible repayment schedule. Access Pezesha through this link.

Ngao Credit Ltd 

Ngao Credit Ltd is a leading car financing company and logbook loan provider in Kenya that also requires Mpesa statement to make their lending decisions. Through Ngao Credit many Kenyans have accessed loans especially logbook loans. Check Ngao Credit here. 

Musoni Microfinance 

This is one of the most trusted microfinance Banks in Kenya that also requires Mpesa statement to make their lending decisions. Musoni Microfinance offer car financing and logbook loans.

Mwananchi Credit ltd 

Mwananchi Credit ltd offer car logbook loans to Kenyans. They also require mpesa statement for the loans to be approved. 

Check the lender here

Incredo Finance 

Incredo Finance is also a fast growing credit only provider in Kenya that requires Mpesa statement for their loan approval. 

Fin Kenya 

Fin Kenya is a leading digital lender in Kenya that also requires Mpesa statement to make their lending decisions. Through Fin Kenya many Kenyans have accessed credit using their mpesa statement. 

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