Branch MFB: Redefining Banking Within And Without Kenya

In Kenya, we’re used to thinking of banks as traditional brick-and-mortar buildings, filled with well-dressed employees dealing with queues of impatient customers.

But, the banking industry has been evolving.

In the past, one had to physically go to the bank to do something as simple as checking account balances – today, everything can be done online, or on a mobile phone thanks to the mobile revolution.

Kenyan banks have capitalized on this mobile revolution, with Branch MFB leading the pack. It’s Kenya’s 1st Neobank – a bank that is 100 percent virtual! To set up an account, you download the app, complete a short KYC process, and – that’s it! Your account is set up, and you’re able to borrow cash, save money & pay bills.

Branch MFB is using technology to reduce the cost of delivering financial services in emerging markets such as Kenya.

“Branch is about the people who had long been locked out of mainstream banking. We aim to empower both individuals and businesses by giving them loans and helping them save. Those who save with us get their interests paid every Monday hence transparency and trust,” said the lender in a past Twitter Space hosted by Soko Analyst.

Branch MFB has always been known for its loans. It offers loans from as little as 250 shillings to as much as 100,000 shillings. The loan terms range from 9 to 52 weeks and the interest ranges from 17 to 35 percent with an equivalent monthly interest of 1.7 and 17.6 percent.

The beauty of Branch loans is that there you are not subjected to late or rollover fees if you make a late payment (and no collateral is needed). According to Branch, their interest rates to customers are determined by several factors including the repayment history as well as the cost of lending by the lender.

“At Branch, we’re building a new frontier of finance — where banks aren’t physical, paperwork is obsolete, and possibility is the end game. For many, Branch provides first-time access to a range of high-quality digital banking products – instant loans, money transfers, bill payments, high-yield investments, and savings. All in one place” said the lender.

Apart from giving loans, Branch MFB also has an amazing savings offering – giving customers 15|% interest p.a, paid out weekly. “We offer many customers a way to save and invest their hard-earned money. With a few clicks, millions of customers can keep their money securely with Branch and enjoy some of the best yields in the market. Make your money work harder while you sleep” said the leader in the recently concluded Twitter space.

Have you ever used any of the products offered by Branch MFB? Tell us in the comments.