The Central Bank of Kenya (CBK) has approved Mogo Kenya to provide digital credit services.
In a statement, Mogo assured that the approval will enable the company to provide affordable financing to MSMEs, enabling them to acquire more assets and accelerate financial inclusion.
Further, the Digital Lender assured us that this step would enable the company to provide financing to individuals previously denied access to funds by banks and other credit institutions.
“Mogo is a microfinance firm offering vehicle financing products, such as vehicle loans, allowing customers to acquire vehicles from third parties. This provides mobility to individuals previously denied access to funds by banks and other credit institutions.”
The Regulator revealed that it has been working with other regulators and agencies in the licensing process, such as the Office of the Data Protection Commissioner, to ensure that the company’s operations comply with the law.
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“The focus of the engagements has been, inter alia, on business models, consumer protection, and the fitness and propriety of proposed shareholders, directors, and management. This is to ensure adherence to relevant laws and, importantly, that the interests of customers are safeguarded,” CBK added.
Mogo Kenya Country Manager Domas Mineikis says the company has provided loans to more than 120,000 Kenyans in the past half-decade, which have been crucial in enabling individuals to engage in productive economic activities.
“Mogo has lent Kes 20 billion for boda boda and motor vehicle loans and provided affordable financial products to more than 120,000 Kenyans all of whom are engaged in productive economic activities.”
