Posted by admin, October 12, 2016

L-Pesa set to transform financial inclusion in Kenya

Micro Loans with Mobile Banking - LPESA Microfinance Tanzania

L-Pesa set to transform financial inclusion in Kenya

In the third quarter of 2016, the Central Bank of Kenya has approved the services of microloan provider L-Pesa. This innovative platform is set to transform financial inclusion in Kenya, by making it possible for any registered mobile phone user to access microloans for their personal and professional development. L-Pesa services make it possible for anyone to apply for a loan, without enduring the lengthy process that is common in traditional financial institutions.

Applying and receiving a loan with L-Pesa can take minutes, compared to days and weeks that many people are more accustomed to. There are no long forms to fill. Rather, an applicant follows a one-step application process using their mobile device, and when approved, the funds are deposited directly into the users account.

L-Pesa is progressive in nature as the amount one can borrow is able to increase over time. This is due to the modern credit score system, where a borrower is rewarded with points every time they pay back a loan on time. The starting loan amount in L-Pesa is $5, but as long as the loan is paid back in time, and in the right installments, it is possible to borrow up to $3000 on this platform.

The services of L-Pesa are available in numerous countries around the world, and the approval of the Central Bank of Kenya means that millions of people in the country can look forward to more financial opportunities. Financial inclusion is a reality in Kenya now, due to the services available from L-Pesa.

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28 thoughts on “L-Pesa set to transform financial inclusion in Kenya”

        1. L-Pesa will be service Safaricom subscribers in Kenya at the end of 2016. For the mean time, Safaricom subscribers can register and get familiar with great financial services & offers from the great

    1. Thank you this is a good thought to refund our citizens in time to start their business rather than going to bank with a lot of doubt.

  1. That’s Good To Hear Because Some Mobile Lenders Go Behind A Customer And Check The CRB and goes ahead to deny credit based on it CRB STATUS. KUDOS!!

  2. hey…the L-PESA services are great.
    with l pesa I got a financial support to start my own business and now my business is running. It is convinience because L-PESA repayment schedual allow me to pay little by little amount.
    If someone has two mobile bank accounts,is it possible to register both accounts and apply for the loans?

  3. My name is Sita from Tanzania, United Republic. I have reached 6 credit score equivalent to $ 5 but the money waiting for me is $ 3. Why?

  4. I’m a student at Josiah Kibira University College ( JoKUCo) Of Tumaini University Makumira ( TUMA). I would like to ask about my local government identifications, I can attach the letter as student identifications instead of local government?

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