Understanding Genuine Mobile Loan Apps in Kenya – Part 2

mobile loan apps in kenya without crb

In this article, we discuss everything you need to know about licensed mobile loan apps in Kenya. It is the part 2 on the guide to licensed lenders in Kenya. Part one of the list of approved loan apps is here.

To recap, licensed loan apps are as result of the Digital Credit Providers Regulations 2021. After loan sharks had harassed Kenyan, Central Bank of Kenya ( CBK) formulated the regulations. This led to a fairer lending landscape.

Now, digital lenders are required to disclose the total charges for their mobile loan offers, including interest rates, late payment and rollover fees. All this should be clear before disbursing credit to customers.

Further, the law gave CBK powers to revoke the licenses of firms which send information about loan defaulters to third parties in name-and-shame tactics meant to recover the money.

How do Mobile loan apps work?

Licensed loan apps in Kenya primarily collect data from the user’s phones and from Credit Reference Bureaus. Some check on social media activity to decide whether to approve or reject a loan application.

Once a loan application is approved, the funds are disbursed to the borrower’s account. Most digital credit providers (DCP) disburse loans via mobile money platforms eg. M-Pesa or Airtel Money.

Mwanzo Credit Limited

Mwanzo Credit Limited is a digital loan institution. It was among the first 10 digital credit lender to be licenced by the CBK to serve loans. Mwanzo loan amounts depend on the borrower’s needs and how qualified they are to get the loans.

The company charges interest rates based on the borrower’s credit score.

How To Borrow Mwanzo Credit Loans 

One has to psychically visit the offices or call Mwanzo Credit’s customer service number for assistance. However, the loans are disbursed to Kenyans on their mobile phone number.

The Lender offers the following loans to Kenyans: 

  • Business loans 
  • Salary Advance loans
  • Emergency loans 
  • Logbook loans 
  • Local Purchase Order (LPO) loans 

The financial institution stands out as one of the authorised digital credit lenders that offer LPO Loans.

Mwanzo Credit Ltd phone contact is +254 729 670 100 and Email address: [email protected].

MyCredit Limited

MyCredit Limited is a Kenyan financial institution founded in 2016. George Mbira is the Founder and Managing Director of MyCredit Ltd. The non-bank financial institution offers loans, guarantees, leasing and insurance.

The company has received funding worth Sh325 million from OikoCredit for onward lending.

MyCredit Loan Products

The company promises to offer loans to professional and SMEs within 24hrs

a) Business Loan

This product is for short term business who need cash.  The loan is given only to business owners.

Business Loan Features:

  • Available for business clients who have been in operation for over 12 months.
  • Maximum repayment period is 12 months.
  • Collateral – Motor vehicle

b) Salary Loan

This product targets salaried people who need to meet their financial needs.

Salary Loan Features:

  • Ideal for those who earn a regular salary income through employment.
  • The maximum repayment period is 12 months.
  • Collateral – Motor vehicle.

c) Civil Servant Salary Loan

This product is tailored for ministry employees, teachers, Kenya Prison Service officers, National Youth Service officers, members of the National Police Service and Kenya Forest Service officers.

Features: No collateral or security is required

d) Civil Servants / Check-Off Loans

Tailored for Ministry employees, Teachers, Kenya Prisons Service Officers, National Youth Service (NYS) Officers, members of the National Police Service (Kenya Police, Administration Police, DCI), and Kenya Forest Service Officers. (Countrywide).

Loan Requirements: National ID, Appointment Letters, 2 passport-size photos, and 3-month current pay slips. Loan applications are via an online form on the website or physically.

MyCredit is also accessible via USSD *322#.

The company has 13 branches. MyCredit Head Office is located at: Absa Towers Loita Street, 11th Floor, Nairobi.

You can call phone number: +254 711 349 805 or Email: [email protected] .


MyWagePay was founded by Beth Wambui, who also acts as CEO in 2021. Johnson Mwangi and Moses Gathecha are other executive members.

The company offers digital loans to Kenyans and is the parent company for Faircash Loan app. Faircash is among the Kenyan loan apps offering individual credit.

However, MyWagePay works with businesses only. It enables employees to access salary advance loans of up to 1/3 of net salary.

How To Borrow MyWagePay limited loans

MyWagePay users can apply for mobile loans by dialling USSD code *384*104#. One can also apply via a MyWagePay Mobile app available for android devices.

You are eligible once your employer signs up to the platform.

For eligible borrowers, the loan is disbursed to M-Pesa or bank account within 5 minutes. No interest is charged but a one-time fee applies.

How To Repay MyWagePay loans

As the company works with businesses, the MyWagePay mobile loans are paid by the employer on monthly basis. However, the platform enables the employee to repay for themselves by dialling *384*104#.

Natal Tech Company Limited

Natal Tech Company Limited is a mobile loans platform for Kenyans. The lender is among the CBK approved and licensed digital credit providers (DCP) in Kenya.

The company operates the Knight Loan app. Knight is among the new loan apps available to Kenyans on Google Play store. Loans are conveniently sent to your mobile money or bank account in minutes.

The loan app offers loans from KES 1000 up to KES 60,000. Knight loan interest rate is 36.5% per year ( equivalent to 3.04% per month or 0.1% per day).

Knight mobile loan repayment duration is from 90 days to a maximum of 180 days.

Natal Tech Company Limited mobile phone numbers are: +254727279380/+254(02)114612792 or WhatsApp: 254 757804128

Ngao Credit

Ngao Credit Limited is a credit only financial institution in Kenya. It provides the following types of loans to its customers:

  • Logbook Loan: Quick loan against your personal/ private motor vehicle. The loan processing time is 6 hours or less at 3.5% per month with a repayment period of 24 months.
  • Mobi Loan
  • Insurance Premium Finance
  • Build Your Business Asset Finance
  • Car Import Finance:

Ngao Credit offers digital loans via forms on the website, a visit, or via Ngao Credit USSD code *725# .

How to repay Ngao Credit Loan

Loan repayment is done via the Ngao Credit M-PESA PayBill: 932900. The borrowers ID number serves as the account numbers.

Pezesha Africa Limited

The company enables the access to credit for Small and Medium Enterprises (SMEs). Currently, it does not service individual loans. The company links businesses looking for credit with investors who are willing to offer loans at a profit.

Pezesha operates in Kenya, Uganda, and Ghana. The business loans are accessible via the website or a mobile app for android users.

Pezesha Offers the following Business loans online:

  • LPO Financing
  • Inventory Financing
  • Asset Financing
  • Working Capital Financing

The SME loans go up to KES 1 million. Pezesha interest rates are set at 5%-8% monthly with no processing fee charged or any extra hidden charges.

Approved loan applications are disbursed within 2 to 5 days. Monthly repayment terms are between 3-12 months depending on your business needs. Further, loan repayment is via M-Pesa on business number of 898927 or via Pezesha bank account.

The Pezesha Mobile Loan Process

  • Apply in less than 2 minutes
  • Real time KYC and business risk-based credit assessment within hours
  • Digital loan offer presented to you if you qualify based on your credit risk
  • If Accepted requested to submit additional data (if need be) to complete the on boarding process
  • Once on boarded the SME is then matched to investors on Pezesha marketplace within seconds.

Rewot Ciro Limited

Rewot Ciro Credit is a customer-initiated, restocking, and ordering (CIRO) online platform that connects wholesalers and retailers. It allows retailers to access credit to purchase inventory items.

The credit institution allows clients to purchase retail goods on credit Loans. Secondly, Rewot Ciro offers loans to kenyans with a salary, Chama member loans, and Loans for farmers.

  • Ecommerce Loans for Buyers :They have an ecommerce platform that allows clients to buy goods on credit.
  • Buy Goods Loans for Business : The credit if for retailers of Alcohol, Pharmacy, Agrovets and LPG Gas sellers.
  • Group Loans or Chama Loans: Loans are offered to registered Chamas/Groups. Chama members guarantee one another and approval of loan is done online.
  • Mazao Loans: Loans for farmers, retailers of agricultural machinery, and technology.
  • Salary Advance Loans : Loan is accessed online for an employee whose employer has signed up to the platform. It is tailored for small and medium enterprises not exceeding 200 employees.
  • Digital Insurance: Insurance payment support directly from our platform to insurance providers.

Application can be done online or via the Rewot Ciro Mobile App. Loan repayment period is up to 14 days from date of disbursement.

Interest is 5.95% the value of the goods bought on credit.

Risine Credit Limited

Risine Credit Limited is a personal loan provider giving fast mobile loans to Kenyans. The licensed digital credit provider operates iPesa mobile loan app.

The iPesa mobile loan App offers:

Loan Amount: from KES 500 Ksh and loans up to KES 50,000. The iPesa loan repayment period is 14 days.

The mobile loans attract a minimum interest of 36%  and a Maximum of 72%. iPesa loans are disbursed to M-Pesa

One must have a good CRB record to be eligible.

To apply for an iPesa Mobile loan:

1. Register with your M-Pesa number

2. Apply for the exact loan amount you need

3. Get approved and receive the money

4. Repay on time to get a credit limit of 50,000 Ksh

iPesa uses the data on your phone including your SMS history to verify your identity and create a credit score.

Here is how to repay iPesa loan using Mpesa

  • Go to  M-PESA
  • Select Lipa na M-PESA
  • Select Pay Bill
  • Select Enter Business no. iPesa PayBill Number 192010
  • Select Enter Account no. Your Phone Number
  • Enter Amount
  • Enter M-PESA PIN and press OK

You will receive a confirmation SMS from M-PESA and iPesa

Sevi Innovation Limited

Sevi enables corporate and MSME buyers and sellers to quickly and conveniently buy stock on credit. It is a Buy Now Pay Later (BNPL) credit platform for businesses.

It has both buyers and sellers on its platform. Buyers are businesses given credit to enable them access goods from Sellers. Sellers (suppliers) are able to give goods to businesses lacking cash flow and receive payment from Sevi.

Sevi credit services are accessible via a mobile app. Payment is done via the app through Mobile money. Payment is on an instalment basis.

Sokohela Limited

SokoHela is a digital credit provider for micro, small and medium enterprises in the urban agricultural value chain. The target businesses are fruit vendors, groceries (mama mbogas), small fast-food joints, cereals shops and other food vendors.

 The platform allows users to buy airtime from all platforms (airtel, Jamii Telcom, Safaricom, Telkom Kenya)

Sokohela Buy Airtime Process:

  • Use Mpesa PayBill No. 768106
  • Account number is your phone number
  • Enter Amount
  • Enter pin

In terms of Loans Sokohela offers the following loans to MSMEs

  1. Smartphone Loans: Loans for MSME owners to acquire smart phones
  2. Short Term Business Loan: For MSMEs to facilitate for business continuity
  3. Micro-Loans

The Agri financing loans are applied online.

SokoBook Mobile Book Keeping Application is another service.

Tenakata Enterprises Limited

Tenakata is another institution that provides digital credit to MSME. The company has a mobile app, designed to cater for the needs of small businesses. The app lets you capture your daily transactions, maintain stock/inventory records and boasts of other well-crafted business and financial value-add feature.

Data from the App is used to qualify a loan borrower.

Zanifu Limited

Zanifu is a credit lending digital platform. It gives Buy Now Pay Later loans to small businesses. These loans enable retailers to stock up on inventory.

Retailers can access inventory from any of their FMCG suppliers, whether offline or offline, and pay back after they’ve sold the goods. Zanifu does not require collateral or a credit history. Registered businesses simply have to prove they have a history with the supplier.

The company has a mobile app for small retailers to order & pay for inventory across all their suppliers in one place. Suppliers can access Zanifu via a web platform.

Zanifu co-founders are Steve Biko and Sebastian Mithika who launched the platform in 2017.

Zenka Mobile Loan App

Zenka Mobile is one of the most known loan apps. It is run by Zenka Digital Limited. The company gives quick mobile loans to individual Kenyans of up to KES 80,000.

Zenka Loan Application Process

1. Start the application,

2. Select your loan amount and term,

3. Click on “Get loan”,

4. Receive your offer details and click on “Get loan

Every application is evaluated before disbursement or denial. Approved mobile loans are disbursed via M-Pesa within 5 minutes.

Zenka uses the CRBs Metropol, TransUnion and CreditInfo. The loan app also uses data from your phone.

The loan repayment period is 61 days with a maximum of 2 installments. Each loan borrowed is charged a commission fee of 5%.

How to Repay Zenka Mobile Loan:

Zenka loans are repaid via the mobile app.

To repay your loan, please kindly follow these steps:

1. Start the application,

2. Scroll down and click on “Repay”,

3. Select or edit the default repayment amount (open amount),

4. Click on “Repay now” and follow the Payment Link.

After your payment has been processed you will receive an SMS notification from M-Pesa and Zenka. Currently, Zenka only works on Android and Safaricom’s M-Pesa.


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