Leading mobile lender Branch announces 1.5 million loans and 350,000 customers

Leading mobile lender Branch announces 1.5 million loans and 350,000 customers

Branch, a Leading mobile lender Branch announced today that it has disbursed 1.5 million loans in Kenya through its innovative Android application.

Branch offers MPesa loans of up to Ksh50,000 via an Android application that can be downloaded for free from the Google Play Store.

Founded in 2015, the company has now reached 350,000 Kenyan customers and is disbursing nearly Ksh400million a month. It has also been growing its presence in Tanzania, where it has been scaling by 30% month over month since the beginning of the year.

 

"We’ve seen fantastic growth at Branch because we know what our borrowers expect from their financial partner: they want speed, transparency and convenience.” “We are disrupting the existing lending space by making credit available at the tap of a button, within minutes of downloading the app – no paperwork or collateral necessary."

Branch CEO, Matt Flannery

Branch CEO, Matt Flannery

Lending decisions are made by a proprietary credit score calculated by analysing over 2,000 data points on applicants’ phones. New borrowers start out with a loan of up to Ksh1,000 and can grow their credit limit based on their repayment performance on previous loans.

The company’s growth has been spurred by its unique policy of offering lower interest rates to customers who have reached higher credit limits, thereby encouraging repeat uptake.

As part of its radical approach to financial services, Branch is also working with other companies in the market to create exclusive loan offers by leveraging the partner company’s data to supplement its credit scoring model.

Last November, Branch launched a Ksh30,000 loan targeted at Uber drivers from which over 500 have benefitted to date.

In May, a similar partnership was announced with Jumia, whereby working capital loans are provided for merchants on the online shopping platform.

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