The Kenyan banking sector is evolving and technology is the force behind the evolution. The coming of mobile apps has changed almost everything in the banking sector.
Currently, between 60 to 80 percent of transactions in financial institutions in Kenya is done through digital platforms; mobile.
Through mobile apps form banks, customers can either deposit funds, withdraw funds, check balance, manage their accounts as well as pay for goods and services.
Of all the changes sweeping around the baking sector in Kenya, mobile loans seem to be the king and queen of them all. Kenyans have increasingly moved away from taking loans from traditional banks to fully embracing the use of mobile loan apps.
There are more than 20 independent mobile loan apps in Kenya with most of them giving loans from as little as 500 shillings, payable within a period of 21 to 30 days.
The recent invention in Kenya’s banking sector is the move by Kenyan financial institutions to come up with mobile apps that enable both customers and non-customers to access affordable loans at the click of the button.
The most recent to launch a mobile loan and banking app is HF Group. The app, known as HF Whizz, having reviewed it, I think it is among the best and one that every borrower should run for.
First, other apps start at a limit of 500 shillings. HF Whizz starts at 1,000 shillings. With 1,000, a borrower can be able to do something meaningful as compared to just 500 or 200 shillings.
Second, the maximum loan stands at 50,000 shillings. Although other loan apps go up to 70,000 shillings, the regulations and the rates won’t just allow you to reach there. Compared to others, HF Whizz is what you should go for.
Third, the interest rate for HF Whizz is just amazing. Some mobile loan apps are charging as high as between 15 and 21 percent per month. But, can you imagine, HF Whizz only charges you 1.125 percent and a felicitation fee of 6.6 percent?
Fourth, convenience. With HF Whizz, you can transfer up to 200,000 shillings daily. What is that? Convenience. So, if you are looking for an app to help you financially, HF Whizz is what you should go for.