Best Mobile Loan Apps in Kenya (2024 Edition)
Looking for the best mobile loan apps in Kenya? With the increasing need for quick, short-term loans, mobile lending apps have revolutionized the way Kenyans access credit.
Since the launch of M-Shwari in 2012, a partnership between Safaricom and Commercial Bank of Africa (CBA), mobile loans have become more accessible to millions of Kenyans.
In 2024, the mobile lending sector continues to grow, with numerous providers offering a variety of loan services.
However, not all apps are equal. High-interest rates, short repayment periods, and hidden fees are some of the issues users face.
To help you choose, here’s a list of the best mobile loan apps in Kenya, ranked based on ratings, reviews, and downloads from the Google Play Store.
Criteria for Ranking:
- Rating of 3.9+ stars
- 6,000+ reviews
- 100,000+ downloads
Read Also : List of the Best Logbook Loan Providers in Kenya
1. Tala
Tala is the most popular mobile loan app in Kenya, launched in March 2014 by Tala Mobile. With over 5 million downloads and a 4.7-star rating from 346,000+ reviews, Tala offers loan amounts ranging from KES 500 to KES 30,000.
The interest rate is 11% for 21 days and 15% for 30 days, providing flexibility for borrowers.
Download the app here: Tala
2. Branch
Branch is another top loan provider, released in March 2015 by Branch International. It boasts a 4.7-star rating from 186,000+ reviews and over 5 million downloads. Loan amounts range from KES 250 to KES 70,000, with interest rates between 13% to 29%, depending on the repayment period (21 or 30 days).
Download the app here: Branch
3. Timiza
Offered by Absa Bank (formerly Barclays), Timiza was launched in March 2018 and quickly became a favorite, with over 1 million downloads and a 4.2-star rating from 10,000+ reviews.
Timiza offers loans from KES 50 to KES 150,000 at a capped interest rate of 6.08% with a 30-day repayment period.
Download the app here: Timiza
4. Zenka
A relatively new player, Zenka launched in November 2018 by Zenka Finance. It has gained popularity with a 4.2-star rating from 10,000+ reviews and over 500,000 downloads.
Zenka offers loans between KES 500 and KES 20,000, with an interest rate of 29% payable in 30 days.
Download the app here: Zenka
5. Okash
Launched in February 2018 by OneSpot Technology Ltd, Okash has a 4.1-star rating from 45,000 reviews and 1 million+ downloads.
The minimum loan amount is KES 2,500, with a maximum of KES 50,000. Interest rates range from 14% for 14 days to 16.8% for 21 days.
Download the app here: Okash
6. Opesa
Opesa, released by TK Ltd in December 2018, has a 4.1-star rating with 14,000 reviews and over 1 million downloads.
Opesa provides loan amounts between KES 2,000 and KES 10,000, with a repayment fee of 16.8% over 14 days.
Download the app here: Opesa
7. Okolea
Okolea International launched its loan app in March 2017. It currently holds a 3.9-star rating from over 6,000 reviews and 100,000+ downloads.
Okolea offers loans ranging from KES 500 to KES 50,000, with interest rates that vary depending on the repayment period:
- 5% for 2 days
- 8% for 7 days
- 11% for 14 days
- 13% for 21 days
- 15% for 30 days
Download the app here: Okolea
Conclusion
Mobile loan apps provide a fast, convenient way to access credit in Kenya. Before choosing a lender, it’s essential to consider the interest rates, repayment periods, and user reviews to ensure you’re making the best decision.
The apps listed here are among the best in Kenya, offering transparent services with reasonable interest rates and repayment terms.
