Branch International raises Kshs. 500M locallyBranch International, one of the largest digital financial services provider in Kenya and across Africa, has announced the repayment of its 3rd commercial paper of KES. 500M and the issuance of a 4th note of an equivalent amount.
In total, Branch International has raised a total of more than KES. 1.5B locally since its first issuance in 2017.
Branch is a key player in the Kenya digital lending space. The firm issues tens of thousands of loans per day and has so far disbursed about Kshs. 30 in Kenya alone. According to the firm, 60 percent of the loans issued are used for small business startups and investment in existing businesses.
Access your Branch loan today and scout what's possible for you and your business – whenever and wherever you choose. pic.twitter.com/fS9LcwD68M
— Branch (@branch_co) January 23, 2019
Branch leverages it advanced data science to unlock financial access for people with limited banking history by processing thousands of data points to create personalized loans in a matter of seconds.
According to the East Africa General Manager for Branch, Dan Karuga:
“Branch is uniquely positioned to leverage its advanced use of data science to underwrite and provide credit and other financial services to more customers than ever before. As we scale our services in Kenya, we welcome regulation of our sector and looking forward to working with the Kenya Government on this initiative.”
Branch disburses up to Kshs. 50, 000 in loans via MPESAThe debate to engage the government comes in the wake of the recent announcements by the Central Bank of Kenya Governor, Patrick Njoroge, to have digital lending services come under the Interest Rate Cap and ensure all digital lenders operating in Kenya are approved by the CBK.
The Digital Lenders Association of Kenya (DLAK) was recently created to help set standards and self-regulate the local digital lending space in the wake of recent government crackdown of lenders in the space.
