Financial firm Mogo Kenya hits 100,000 customer milestone

Financial services firm, Mogo Kenya, has reached a significant milestone by providing motor vehicle and motorbike loans to more than 100,000 customers in Kenya.

These loans have primarily been utilized for productive purposes, helping individuals achieve upward social mobility. 

Mogo Kenya's Country Manager, Domas Mineikis, expressed his excitement regarding this achievement and highlighted the company's commitment to providing innovative and sustainable financial solutions to Kenyan communities.

"Our primary goal since entering the Kenyan market has been to offer our customers the opportunity to experience the pride and joy of asset ownership in ways they never imagined possible. The fact that we have now served Mogo's 100,000th customer fills us with an overwhelming sense of achievement," said Domas Mineikis, Country Manager of Mogo Kenya.

Flexible loans

Mineikis further emphasized the need for Mogo Kenya to invest in expanding its operations, products, and services to cater to the expected increase in demand and provide more convenient services to Kenyans.

The brand's growing trust among Kenyans can be attributed to its commitment to providing innovative, affordable and flexible loan products for cars and motorbikes. 

Mogo Kenya ensures the best price guarantee on car, logbook and boda boda loans, offering customers the assurance that they are receiving the most competitive deals compared to other non-deposit taking microfinance institutions in the Kenyan market.

Customers also benefit from flexible repayment terms, enabling them to achieve the lowest possible monthly payments based on their budgetary constraints. 

Financial literacy

"We prioritize affordability for Kenyans by not charging any upfront fees or penalties for early repayment. This makes it easier for individuals to access the loans they require and select a repayment plan that suits their financial situation," Mineikis said.

Mogo Kenya has built a strong distribution network to ensure quick access to credit for borrowers. With over 40 branches spread across the country and an easy-to-use online loan application process, borrowers are guaranteed access to credit within 30 minutes to 24 hours.

Additionally, the company provides online financial literacy tools to its predominantly young customer base, with 89 per cent of them being self-employed and approximately 70 per cent unbanked. This financial literacy tool enables users to assess their financial health within a five-minute timeframe, helping them make informed decisions about borrowing immediately, waiting, or making necessary adjustments.

"Mogo is committed to responsible lending, which includes transparent communication with all borrowers by providing comprehensive information about our products and loan terms," Mineikis said.