NAIROBI, Kenya, Feb 21 – MOGO, East Africa’s asset financier, has issued its 150,000th loan, injecting Sh25 billion into the Kenyan economy over the past six years.
The company continues to provide accessible financing solutions that empower individuals and businesses.
MOGO attributes its growth to a customer-centric approach and innovative financial products.
By leveraging advanced technology, the company ensures loan approvals in under two hours. Strategic collaborations with automotive dealers, boda boda and tuk-tuk vendors, and other partners have expanded its market presence.
“This milestone reflects our commitment to offering accessible and sustainable financial solutions,” said Branton Mutea, Deputy Country Manager of MOGO Kenya.
MOGO’s financing options bridge financial gaps, particularly for those excluded from mainstream banking.
Through vehicle financing and logbook loans, the company enables entrepreneurs and vehicle owners to access funds without surrendering their assets.
Additionally, MOGO’s financial support extends to essential needs such as education and healthcare, enhancing the quality of life for many.
As part of its expansion strategy, the company plans to introduce new financial products, including savings accounts, insurance, and digital payment solutions.
“Our goal is to expand financial inclusion, reaching underserved regions and unlocking new economic opportunities,” Mutea added.
According to the Kenya National Bureau of Statistics, Kenya has 7.4 million MSMEs, yet only 1.18 million have active bank loan accounts—just 16 percent of the sector, per a 2022 Central Bank of Kenya report.
Additionally, the FinAccess Household Survey 2022 indicates that 11.6 percent of adults remain excluded from both formal and informal financial services.
