Financial services firm Mogo Kenya has announced the milestone of lending 100,000 customers in Kenya to acquire motor vehicles and motorbikes mostly used for productive purposes by its customers. Mogo Country Manager Domas Mineikis said the milestone moves the company closer to achieving its mission of facilitating upward social mobility across Kenyan communities by creating access to innovative and sustainable financial solutions.
“Our focus since coming into Kenya has been to allow each of our customers to experience the pride and enjoyment of asset ownership in ways they never imagined possible. Knowing that we have delivered Mogo’s 100,000th customer brings an overwhelming sense of achievement for the company,” said Mogo Kenya country manager Domas Mineikis.
He added, “We have to invest and expand our operations, products and services to meet the expected increase in demand and serve Kenyans more conveniently.”
Mineikis has credited the brand’s growing trust among Kenyans to its innovative, affordable and flexible loan products on cars and motorbikes. MOGO offers the best price guarantee on car, logbook and boda boda loans, which means that customers can be sure that they are getting the best possible deal in the market when compared to other non-deposit taking micro finance institutions in Kenya.
Customers also enjoy flexible repayment terms which ensure they get the lowest possible monthly payments.
“We do not charge any fees upfront or for early repayment making it easy for Kenyans to afford the loans they need and choose a repayment plan that fits their budget,” he said.
Borrowers are guaranteed between 30 minutes to 24 hours access to credit through the firms over 40 branches countrywide and through an easy online loan application process.
The firm also provides online financial literacy to its customers mostly comprised of those aged 35 years and below, 89% of whom are self-employed with around 70% of them unbanked. The financial literacy tool helps them to assess their financial health in just five minutes and determine whether they’re at a good place to borrow immediately, wait, or make necessary adjustments.
“Mogo practices responsible lending including transparent communication with all borrowers by providing clear and concise information about our products and loan terms,” said Mineikis.