Okolea announces an instant loans to bank option

Okolea, a loan app renowned as a Kenyan credit enterprise, which has been on the forefront of providing instant loans to Kenyans, recently launched a banking option for its customers.

This has seen the app become a leading player in the market due to its responsible lending culture and sizable limits to its diverse clientele. It offers loans for both business and personal financial needs.

Okolea customers will now access their loans directly and instantly into their bank accounts, thanks to advancement made in the banking sector.

Previously, Okolea customers could only get their loans sent to their Mpesa wallets, with the maximum amount of loan disbursed per person being Ksh 250,000. The Mpesa limit cap made it hard for top Okolea customers to receive their loans seamlessly.

Lauding this development, CEO Okolea, Peter Muraya said: “We created the banking option to solve this problem on top of giving our customers more choice regarding where they would want to receive their money. This is particularly useful to business people who use cheques to pay suppliers.”

Research by FSD Kenya says about 6.5 million Kenyans are digital borrowers who borrow to meet basic needs as well as replenish stocks in small businesses were the main reasons for digital borrowing. This clearly shows digital lenders like Okolea has a role to play in deepening financial inclusion in this country and beyond.

“Okolea recognizes responsible lending is key for sustainable growth and launched multiple loans to ensure clients borrow only what they need at a time. This feature has proven popular leading it to be adopted now leading banks and telecoms,” added Muraya.

Okolea has previously allowed their customers to borrow up to three times but within their assigned limit, a feature meant to encourage customers to only borrow what they need at a time.

With the new bank loan app option, Okolea sets to have over  300,000 clients enjoy Direct loans into their bank accounts.