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Okolea International Launches Instant Loans To Bank Option

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Okolea loan app is renowned as a Kenyan credit enterprise that has been on the forefront in providing instant loans to Kenyans, to cater to both business and personal financial needs. This has seen the app become a leading player in the market due to its responsible lending culture and sizable limits to its diverse clientele.

Okolea customers will now be able to access their loans directly and instantly into their bank accounts thanks to the advancement made in the banking sector. Previously Okolea customers could only get their loans sent to their Mpesa wallets.

With the maximum amount of loan disbursed per person being Sh 250,000, Mpesa limit cap makes it hard for top Okolea customers to receive their loans seamlessly. “We created the banking option to solve this problem on top of giving our customers more options regarding where they would want to receive their money. This is particularly is useful to business people who use cheques to pay suppliers,” asserts Mr. Muraya.

Research by FSD Kenya says, about 6.5 million Kenyans are digital borrowers, who borrow to meet basic needs as well as replenish stocks in small businesses. These were the main reasons for digital borrowing. This clearly shows digital lenders like Okolea has a role to play in deepening financial inclusion in this country and beyond.

Speaking to their CEO Mr. Peter Muraya he said “Okolea recognizes responsible lending is key for sustainable growth and launched multiple loans to ensure clients borrow only what they need at a time. This feature has proven popular, leading it to be adopted now in leading banks and telecoms,” avows Mr. Muraya.

Okolea has previously allowed their customers to borrow up to three times but within their assigned limit, a feature meant to encourage customers to only borrow what they need at a time.

 

 

 

 

 

 

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Companies

PMC Estates Limited’s Wonderful Solution that is Easing Landlords’ Stress

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PMC Estates Limited has launched a campaign that is meant to ease stress for landlords

PMC Estates Limited, one of the leading property letting and management companies in Kenya has launched a solution-oriented campaign dubbed ‘Landlord Bila Stress’ which is aimed at partnering with landlords and property owners in helping them to manage their rental properties with much more ease.  The initiative will see landlords take advance rental payments against their managed properties.

“Landlords can now take advantage of this advance payment and direct the funds to any of their priority areas including construction, mortgage or loan repayments or for their personal needs. The advanced funds shall then be recovered over an agreed period of time through rent collections,” says Peter Kariuki, PMC Estates Managing Director.

The firm, which specializes in professional letting and management of both residential and commercial properties in Kenya, has introduced this initiative to further empower investors in properties to grow their wealth through mutual partnerships that will propel social and economic prosperity.

The ‘Landlords Bila stress’ initiative will provide a great opportunity which translates that landlords will no longer have to wait for the month to end in order to access cash. The landlord will also have an opportunity to access more cash than what the property is generating on any given month.

“This PMC Estates solution will offer landlords an opportunity to get customized financing to further help them improve the standard of their property, which will in-turn have a ripple effect on the rental value leading to more income,” says Kariuki.

He notes that PMC Estates shall not only commit to finance facelifts, improvements, repairs and renovations to ensure the landlords earn more from their investment but that the firm will also carry out a thorough inspection of the property to offer the owner, a detailed proposal with budgets on the needed works to be done.

“This is already happening with our current happy landlord partners and we are keen to enlist more property owners to take advantage of this great opportunity,” notes Kariuki.  The company will also be holding Landlord empowerment forums in various satellite towns in the country to sensitize property owners on how they can take up and enjoy the incentives being offered

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Sh1,000 Notes Abroad to be Exchanged in the Country, CBK Says

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Patrick Njoroge, the Central Bank of Kenya (CBK) Governor, has urged those with the old Sh1,000 notes that are out of the country to exchange them in Kenya before the October 1st deadline elapses.

The Governor dismissed permitting conversion of the old currency outside the country, adding that the CBK had alerted all foreign banks to cease recognition of the old notes.

He further said that banks outside the country will not be receiving any new notes to aid in conversion, contending that this would defeat the process of demonetization.

“If you have the Kenyan currency and you happen to be outside the country, there is only one way to get value for it before October 1. You have to take a trip here and go through the procedures outlined in the Gazette notice and subsequent releases,” said Dr. Njoroge when speaking at a press briefing yesterday.

“You cannot convert it to any other currency out there since this would defeat the process of demonetization.”

Earlier this month, notices were issued from the Bank of Tanzania and the Bank of Uganda discontinuing the conversion of the old currency in their banks. In addition, they have directed their countries’ banks to apply more stringent due diligence processes to all currency flows.

The procedures to be followed for currency conversion by locals will also be followed by those coming into the country.

Dr. Njoroge has warned that measures have been put in place to thwart any efforts to clean illicit money in nations involved in significant financial transactions with Kenya.

After the East African Community allowed free movement of goods and people across member states, the Kenyan shilling is frequently used in business transactions in neighbouring countries.

The result is that this money comes back home through those trade routes and official currency repatriation mechanisms between central banks of countries in the Community.

He also said that the deadline will not be extended, arguing that an extension would create a loophole for those seeking to clean their dirty money to do so.

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Safaricom and Equity in Deal to Offer Loans to Contractors

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Safaricom contractors that may find themselves short on cash will now be able to access as much as Sh200 million in unsecured short-term loans following a deal between the telco and Equity Bank. This will help the contractors to maintain cash flow positions before receiving payment for their services.

The firm wrote a letter addressed to its business partners in which it said that the aim of the deal is the creation of a more procurement-ready business. The main beneficiaries will be Safaricom dealers, suppliers, and agents.

In the fiscal year ended March 2019, Safaricom had 440 dealers, 156,000 M-Pesa agents, and 1,164 suppliers.

“We are pleased to inform you of our partnership with Equity Bank which will offer our partners financing solutions linked to purchase orders and invoices,” said Francis Murabula, Safaricom’s head of supply chain management, in the letter.

He is asking the dealers, suppliers, and agents for consent to share their information including contact details, invoice and purchase order information to enable loan processing for potential firms.

Contractors will be able to borrow from Equity before or after they fulfill their contractual obligations with Safaricom.

The terms and amount of the loan applied for will depend on each company’s credit rating.

Therefore, for a contractor to qualify for an unsecured loan of up to Sh200 million, they have to be using unpaid accounts for goods and services that have already been provided to Safaricom as their collateral.

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