The mobile phone lending industry is one of the fastest-growing sectors in the country. As such, every player in the sector is trying to be bold and innovative.
However, there is one that stands out and challenges the rest. It is Zenka, which won the “most promising mobile loans platform" in the 2019 Digital Tech Excellence Awards, that is now offering its first-time users 0% interest for the first loan up to 61 days. No strings attached, they promise!
When a new user borrows Sh3,000, he/she will be required to pay back Sh3,000. Nothing more than that! It is a move that is likely to attract those who use their phones to access credit for capital and personal use.
Zenka, which entered the market in December 2018, has become a household name along with earlier arrivals such as Tala and Branch.
It is also employing the power of networking to ease access to credit to more people and, at the same time, is rewarding its existing customers willing to become Zenka’s ambassadors. Presently, it gives a bonus of up to Sh300 to its satisfied users for each friend invited who pays their loan in time.
At a time when mobile lenders are being castigated for blacklisting borrowers who fail to meet the short repayment period, Zenka is keen to offer loan extensions to users who are unable to pay in time for another 30 days. Without a doubt, flexibility seems to be one of the most appreciated features of Zenka, together with 0% first loan for new customers.
The platform is relying on its unique products and Artificial Intelligence-driven solutions to challenge the vast lending market in the country. Despite being quite a young player on the Kenyan market, Zenka has a lot more to offer.