Tala marks five years of operations in Kenya

Tala digital lending app.
Tala digital lending app. PHOTO/COURTESY

By Edna Mwende

Consumer lending app Tala, is marking five years since it launched in Kenya and to mark the milestone, the mobile money lending has embarked on a country wide campaign to educate its customers on the importance of responsible borrowing, as it advocates for financial literacy among consumers.

According to a news report by the Business Daily, Tala has expanded credit access across Kenya by using alternative data to instantly underwrite and disburse credit to people who have been excluded from traditional finance due to lack of a credit history.

“Digital lending is shaping today’s rapidly changing landscape of digital financial services and Tala is delighted to be part of Kenya’s growth story over the past five years. Having the capability to offer Kenyans credit facilities is a role we value,” Tala East Africa General Manger Ivan Mbowa is quoted as saying by the Business Daily.

He went on to say that with access to financial services, the youth have the opportunity to build the economy through business ventures that curb the nations challenges, which enables them to connect with more Kenyans.

Tala remains the largest non-bank fintech in the market having pioneered the use of non-traditional credit underwriting to create financial identities and provide much-needed liquidity for the underbanked. The firm has to date disburse loans of over 2.5 million customers in Kenya and lent more than Ksh70 trillion globally. The local daily similarly reported that Kenya is the leading country in Africa, in terms of smartphone penetration and this has led to financial inclusion in the country.

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