Best Mobile Loan Apps in Kenya in 2023: Your Ultimate Guide

Navigate your way through the top mobile loan apps in Kenya in 2023. Discover the key features, pros and cons, and how to choose the best app for your financial needs.

Jun 8, 2023 - 14:03
Jun 8, 2023 - 14:25
Best Mobile Loan Apps in Kenya in 2023: Your Ultimate Guide
Best Mobile Loan Apps in Kenya in 2023: Your Ultimate Guide

In a progressively digital world, smartphones have become more than communication devices. They are navigation, learning, entertainment, and even financial management tools. In Kenya, mobile technology penetration has transformed how people access financial services. Over 59 million active mobile subscriptions are recorded in this East African country, making it fertile ground for mobile loan apps. But which are the best mobile loan apps in Kenya in 2023? Let's dive in and find out!

Why Kenyans are Embracing Mobile Loan Apps

The popularity of mobile loan apps in Kenya is hinged on convenience and accessibility. Traditional lenders like banks often have stringent eligibility criteria and lengthy processes that deter potential borrowers. On the other hand, mobile loan apps provide quick and easy access to funds right at your fingertips. They have revolutionized financial inclusivity, allowing anyone with a smartphone to borrow money in minutes.

Features of the Best Mobile Loan Apps in Kenya

Every mobile loan app has unique features to meet diverse customer needs. However, there are some universal features you should look out for:

  • Interest Rates: The interest rates differ from one app to another. Some offer competitive rates as low as 1-1.5% per month.
  • Repayment Terms: The best mobile loan apps offer flexible repayment options. You can choose short-term or long-term periods, making it convenient to pay back quickly.
  • Eligibility Criteria: Every app has its eligibility criteria. The most common ones include having a good credit score, a mobile number, National ID, and an M-PESA account.
  • Customer Service: Excellent customer service is a crucial aspect. The best apps provide prompt and reliable customer support whenever you need it.

Pros and Cons of Mobile Loan Apps in Kenya

Like any other service, mobile loan apps have their advantages and disadvantages. Let's highlight some of them.


  • Quick & Easy Access: No more lengthy paperwork or wait times.
  • Flexible Repayment Terms: Payback at your own pace.
  • Convenient for small emergency loans: Need money urgently? Mobile loan apps are your best bet!


  • High-interest rates: The interest rates on mobile loans are often higher than traditional banks.
  • Unclear Terms & Conditions: Some apps have vague terms that may need to be explained.
  • Limited Loan Amounts: If you need a large sum, more than mobile loan apps might be required.

Choosing the Right App for Your Needs

With so many apps in the market, selecting the right one can be challenging. Here are some of the top mobile loan apps you should consider:

1. Branch Loan AppThis popular app gives users loans up to KES 70,000. It's quick and easy to use.

2. Tala Loan App: Tala is one of the oldest and most trusted mobile loan providers. It offers loans up to KES 30,000.

3. Timiza Loan App: Developed by ABSA Bank, Timiza allows you to manage your account and get loans up to KES 150,000.

4. MCo-op cash: This app by Co-op Bank offers customers bank services, including emergency loans of up to KES 200,000.

5. KCB M-Pesa: If you are a registered M-Pesa user, you can access loans on KCB M-Pesa up to KES 1 million.

6. Fuliza M-Pesa: This overdraft service enables you to complete transactions when you have insufficient funds in your M-Pesa account.

7. Zenka Loan App: Zenka offers loans from KES 500 to KES 30,000 with flexible repayment terms.

8. Okoa Stima: This service allows you to borrow any amount from KES 100 to KES 2000 to pay for your electricity bill.

9. Stawi Loan App: Stawi offers small and medium-sized enterprises (SMEs) unsecured loans from KES 30,000 to KES 250,000.

While each app has its strengths and weaknesses, the best choice for you depends on your specific financial needs and circumstances. When choosing a mobile loan app, consider the following:

  • Your Loan Requirement: If you need a substantial amount of money, apps like Timiza and KCB M-Pesa offer higher loan limits than others.
  • Interest Rates: Be aware of the interest rates each app charges. Compare them to ensure you get the best deal.
  • Repayment Terms: Choose an app with flexible repayment terms that suit your income flow.
  • Credit Score: If you have a good credit score, you'll have a better chance of getting your loan approved on most apps.

List of the Best Mobile Loan Apps in Kenya Summary

Loan App Maximum Loan Amount Availability Special Features
Branch Loan App Up to KES 70,000 Kenya, Tanzania, Nigeria Loan disbursed through M-Pesa
Tala Loan Up to KES 30,000 Kenya Fast approval, building credit
Timiza Loan Up to KES 150,000 Kenya Also functions as a bank account
MCo-op cash Up to KES 200,000 Kenya Available to Cooperative Bank customers
KCB M-Pesa Varies Kenya No additional registration required
Mshwari Varies Kenya Loan based on savings and usage of services
Fuliza overdraft Varies Kenya Overdraft facility for insufficient funds
HF Whizz Loan Varies Kenya Offers various digital transactions
Okash Loan Varies Kenya Developed by Opera Software
Zenka Loan Up to KES 20,000 Kenya First loan-free, loyalty program
Eazzy loan Up to KES 3,000,000 Kenya Quick access to loans, budgeting tools
NCBA Loop Varies Kenya Mobile banking solution, financial advice
iPesa Loan App Up to KES 50,000 Kenya Short-term loans with flexible repayment

READ ALSO: 67 Loan Apps in Kenya Without CRB Check-in 2023

Final Words

In conclusion, mobile loan apps have made financing in Kenya more accessible and convenient. Despite their shortcomings, they offer a valuable service that's revolutionized the lending landscape in Kenya. Before committing to any app, understand its terms and conditions and ensure it aligns with your financial needs. Remember, it's essential to borrow responsibly and plan for repayments to maintain a healthy credit score.

Joseph Richard Joseph is a graduate of Mathematics and Computer Science (Applied Option). With expertise in Technology and Finance, he brings his knowledge to the field, demonstrating an authoritative understanding of these interrelated areas. Joseph is pursuing a Master's in Software Engineering, further expanding his skill set.