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Zenka Finance wins most promising mobile loans platform in 2019 digital tech awards

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– Zenka was awarded for implementing innovative solutions and improving clients’ experience

– The digital lender uses AI-driven solutions, advanced algorithms and consumer-oriented approach in its transactions

– In August 2019, it won the most preferred non-banking platform in Kenya

Zenka Finance has won the most promising mobile loans platform in the Digital Tech Excellence Awards gala held at Intercontinental Hotel in Nairobi on Thursday, December 5.

The platform, which was launched in December 2018, has in the course of the year challenged the lending market, consistently implementing innovative solutions and improving clients’ experience.

READ ALSO: Moses Kuria claims his life is in danger for taking a different stand on BBI

Zenka Finance wins most promising mobile loans platform in 2019 digital tech excellence awards

Zenka Kenya manager Duncun Motanya with product director Radoslaw Ochodek during the 2019 digital excellence awards. Photo: TUKO.co.ke.
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READ ALSO: Nairobi man arrested for obstructing Uhuru’s convoy to beg for KDF job

The digital lender’s combination of innovation, AI-driven solutions, advanced algorithms and consumer-oriented approach has helped it to be one of the most convenient and trusted lending apps.

“We’re available 24/7 through many channels. We offer support to our clients immediately. Our response rate on Facebook is 99%, and within a minute upon a request. We believe in people and their potential. We also know that every potential, every spark must sometimes be fed with instant cash so that ideas and needs can be met,” said Duncun Motanya, Zenka Finance’s CEO.

Zenka Finance wins most promising mobile loans platform in 2019 digital tech excellence awards

From Left: Zenka Kenya finance manager Samuel Wachira, head of training Fridah Ouko, country manager Duncun Motanya and product director Radoslaw Ochodek. Photo: TUKO.co.ke.
Source: Original

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READ ALSO: Aliyekuwa mgombea wa urais Abduba Dida anaamini Wakenya watakuwa na maisha magumu Ruto akiwa rais

The award is the second the company has won this year.

On Friday, August 9, 2019, it won the most preferred non-banking platform and the first runners-up award for being the fastest-growing non-banking loan platform in the Financial Inclusion awards ceremony held the Crowne Plaza Hotel.

Zenka has become synonymous with flexible and scalable financial products that help it play a significant role in financial inclusion as it also help in shaping the economic trajectory of the country.

“We offer flexible loans up to 61 days (a complete innovation on the mobile loans market) and the first loan is interest-free, which also sets us apart,” Montaya said.

“We dream about a world in which people can grow, both in their personal and professional lives. Our mission is to introduce balance and harmony in the financial world of every Customer by providing smart financial products to people who need them, and efforts are paying off,” he added.

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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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