Finserve’s mKey Processes Kes 5.2 Million in Mobile Loans as Downloads Hit 100K

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Finserve Africa launched mKey, its financial services app more than two months ago. The product, which has been mentioned widely across social platforms, targets young people with a lot of features thanks to its functional model. Among its key integrations are social- and life-based features that complement the main offering: financial services that range from mobile loans to bill payments, to mention a few.

Finserve reports that mKey has been downloaded 100,000 times since launch. That is not a bad value considering the app has only been around for two months in a market where people are always on the lookout for the latest fintech product for a variety of financial needs.

Another critical milestone is that mKey has processed 309,000 transactions that are valued at KES 17.8 million in the same period. Furthermore, the product has processed loans worth KES 5.2 million.

mKey continues to receive updates continuously. The app can now run in most Android devices (an iOS version should be rolling out soon), and for groups that do not want to use its keyboard feature, they can turn it off and access other financial/lifestyle services while keeping their typing app of choice. In addition, mKey is now smaller in size while maintaining its array of features that can be overwhelming for some people.

Finserve’s other product Eazzy App has complemented Equity Bank’s transition to digital services that entail internet banking, among other services such as Equitel that has near 2 million subscriptions. Strides made in the department were reported in the lender’s Q3 financial results that went live on Monday.

We are still putting mKey under tests to see the full potential of its offerings. So far, it excels in its goal-oriented reward system that compensates users with lots of goodies based on how much they transact. Its keyboard functions are serviceable, although they could use more work in future updates.

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