KENYA:Financial Consultancy firm launches mobile lending app
Money market has received another ‘baby’ on board, after a financial consultancy firm joined banks in mobile lending which had its money app launched on Friday April 6 in Nairobi.
CASHAP investment consultant which was founded in 2017 by Sammy Aloyo a financier and Eddy Orinda an advocate, is the newest product in the money market with different borrowing and lending conditions from competitors.
The money app is also distinct from others as it is a membership investment initiative.
Speaking to partners during the launch, Sammy Aloyo, the investment Co-founder said that the initiative is a reliable instant emergency loans lender via mobile money with no guarantors as long as one is a member.
” Our emergency loans can come inform of school fees,medical and rent, for our members we will also offer free financial and legal advise,free screening on any investment, and free guarantee bank loans,” said Aloyo.
The investment further seeks to offer secured loans with no asset deposits or guarantors as long as the borrowing is within the mobile banking risk lending schedule.
On short term lending of 0-30 days, one can borrow up to a maximum of Ksh. 100,000 as long as one has some savings with the CASHAP.
The investment which is targeting members country wide, will also be offering a 6% interest annually.
“We also target people blocked by CRBs,”, added Aloyo.
In a statement to newsrooms, Eddy Orinda, the Co-founder, expressed confidence in the product saying that CASHAP would easily achieve its target ahead of the deadline.
“I would like to reiterate the importance of all of us working together to address our common challenges as we strive to enable more of our people benefit from financial services”, said Orinda.