Home BUSINESS Best Mobile Loans Apps and Companies in Kenya 2019

Best Mobile Loans Apps and Companies in Kenya 2019


Most Kenyans have shifted from bank loans to mobile loans because the latter is quick and convenient. Though many mobile loan companies exist in the country only a few can be classified as best.in the year 2019, more than 3 million Kenyans will seek loans from mobile loan apps and among the features they’ll look for include:


Excellent customer service

Low interest rate

Quick processing

No harassment when paying

Some of the companies will be quick to forward names of defaulters to CRB but others will try all means to get back the money. A good company is one that contacts a customer before taking them to CRB.If the customer refuses to pay, then forwarding them to CRB is the only option.

Something happened a year ago I remember vividly. Kevin took a loan from one mobile loan company in Kenya. The total amount was Ksh 23,000.He agreed to pay within a month. The worst happened when he lost his job and got broke. Efforts to explain his predicaments to the company fell on deaf ears. His name was finally forwarded to CRB.

May 2018 he got a job offer with a government institution and was told to present his CRB report…waaaa,shock unto him.Keving found his name listed in CRB as a defaulter. He was forced to borrow money and pay the amount so as to get a clearance certificate.

Based on customer experiences, here are the best mobile loan apps and companies in Kenya:

  1. M-Shwari

Mshwari is so far the best mobile loan App in Kenya. It’s a paperless banking service offered through M-PESA. It will:

  • Enable you open and operate an M-Shwari bank account through your mobile phone, via M-PESA, without having to visit banks or fill out any forms.
  • Provide you the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge.
  • Give you an opportunity to save as little as KSHs.1 and earn interest of up to 6.65% p.a on your saving balance. This cash is moved into the savings account via M-PESA.
  • Enable you to access micro credit product (loan) of a minimum of KSHs.100 any time and receive your loan instantly on your M-PESA account charged at a facility fee of 7.5%
  • Save for a fixed period of time (Lock Savings Account) and earn interest of up to 70% of the Central bank Rate.

This is a product for everyone who feels that banking should be hassle-free. No forms to fill in, no branches to visit. Just one click on your phone and you have a savings account!

How to sign up

  • Access through the M-PESA menu > Select Loans and Savings > Select M-PESA and Activate.



The M-Shwari Deposit Account is a micro-savings product which allows you to securely store your money for a specific purpose or for an unexpected event in your life. Enjoy the following features when you save with M-Shwari:

  • No minimum balance
  • No charges levied on the account
  • No charges for moving money from M-PESA to M-Shwari account and vice versa
  • In line with the Banking (Amendment) Act 2016, all deposits on M-Shwari will earn interest of up to 70% of the Central Bank Rate


The M-Shwari Loan Account is a micro-credit product which allows you to borrow money in times of need or to complement your savings towards an investment or enterprise. A one-time fee of 7.5% is levied for each loan. In order to qualify for a loan all you need is to be an M-PESA subscriber for 6 months, save on M-Shwari and actively use other Safaricom services such as voice, data and M-PESA. To enquire how much you can borrow, go to M-Shwari, Loan, check Loan Limit.

You can access loan limits from as low as Ksh.100 and up to Ksh.50,000.

Enjoy repayment period of one month.

Loan repayment can be made via M-PESA, or from the M-Shwari account.

How does it work?

  • Access the M-PESA menu.
  • Select Loans and Savings.
  • Select M-Shwari.
  • Select Loan.
  • Request Loan.
  • Enter amount.
  • Enter your M-PESA PIN
  • Loan amount will be sent to your M-PESA Account. The loan amount to be paid will be in inclusive of the facility fee.

Lock Savings Account

This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time. The funds saved on the M-Shwari Lock Savings account will be kept in the account until the maturity date; this maturity date is determined by the customer upon opening the account and ranges between one and twelve months. Customers can make micro deposit into this.

The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.

What are the requirements of opening a Lock Savings Account?

  • One must be an M-Shwari customer in order to access this service.
  • To join M-Shwari, Go to your M-PESA menu, select “My account” and “Update menu” then go to your M-PESA menu, select Loans and Savings, MShwari, click on activate account and accept terms and conditions.

 What are the benefits of opening a Lock Savings Account?

  • No minimum savings
  • There are no charges levied on the M-Shwari Lock Savings account.
  • The interest rate is constant during the investment period, and is calculated and paid out monthly or at maturity.
  • The Lock period varies from one month to six months depending on the customer needs.

  What interest will be payable on the M-Shwari Lock Savings Account?

  • In line with the Banking (Amendment) Act 2016, all deposits on the M-Shwari Lock Savings Account will earn interest of 6.65% PA being 70% of CBR.

How does one access the Lock Savings Account Menu?

  • The lock savings account can be accessed by going to M-PESA >>Loans and Savings >>M-Shwari>> Lock and selecting, “Lock Savings Account”.

How do I Open and Save into Lock Savings Account?

  • Go to M-PESA, Loans and Savings, M-Shwari, Lock Savings Account, Open Account, select to save from either M-PESA or From M-Shwari, Enter Target Amount, enter period between 1-6 months, Enter amount to save. You will receive an SMS confirmation that your Lock Savings Account has been set up. Next time you save, go to the Lock Savings option under M-Shwari, select to Save from either M-Shwari or M-PESA, Enter Amount and then your M-PESA PIN to complete your transaction.
  1. Tala loan

The second and most popular loan App in Kenya is Tala.

Tala uses an App which is found at Google Playstore.Once you’ve downloaded the App,you’ll be able to make application and wait for the loan to be sent to your mobile phone via MPESA.

The minimum loan limit is Ksh 500 with a maximum of Ksh 50,000 at an interest rate of 15%.

Tala allows you to pay the loan at flexible duration, thus giving you peace of mind as you make good use of the money.

  1. Branch

Branch makes it easy for people in Kenya to access a loan, anytime, anywhere. What you need is to complete application in seconds and receive your loan straight into your mobile money account. Branch is like a bank in your pocket, there for you at all times.

Branch has offices in Nairobi, Kenya; Lagos, Nigeria; Mexico City, Mexico; and San Francisco, United States. The Company, since its inception has seen the number of customers grows to millions annually.

Branch is one App you can trust when you want a quick loan. The company processes loans within 24 hours, enabling clients to enjoy the services whenever they want.

So far, those are mobile loan Apps you should consider when applying for loans through your mobile number.