At least 100,0000 people have acquired motor vehicles and bikes through a financing plan by Mogo Kenya.
Mogo country manager Domas Mineikis said the milestone moves the company closer to achieving its mission of facilitating upward social mobility across Kenyan communities by creating access to innovative and sustainable financial solutions.
Last month, the firm said it has extended Sh7 billion worth of credit to small businesses and individuals running projects with the potential to generate income and increase productivity.
“Our focus since coming into Kenya has been to allow each of our customers to experience the pride and enjoyment of asset ownership in ways they never imagined possible,'' Mineikis said.
He added that they are now expected to expand operations, products and services to meet the expected increase in demand and conveniently serve customers.
He credited the brand’s growing trust among Kenyans to its innovative, affordable and flexible loan products
MOGO offers a price guarantee on car, logbook and boda boda loans. Customers also enjoy flexible repayment terms which ensure they get the lowest possible monthly payments.
“We do not charge any fees upfront or for early repayment making it easy for Kenyans to afford the loans they need and choose a repayment plan that fits their budget,” he said.
Borrowers are guaranteed between 30 minutes to 24 hours of access to credit through the firm over 40 branches countrywide and through an easy online loan application process.
The firm also provides online financial literacy to its customers mostly comprised of those aged 35 years and below, 89 per cent of whom are self-employed with around 70 per cent of them unbanked.
The financial literacy tool helps them to assess their financial health in just five minutes and determine whether they’re at a good place to borrow immediately, wait, or make necessary adjustments.
“Mogo practices responsible lending including transparent communication with all borrowers by providing clear and concise information about our products and loan terms,”Mineikis said.
Up to 89 per cent of Mogo’s active customers are self-employed, and around 70 per cent of them are unbanked.
