Mauritius-based mobile banking firm Cim Finance Ltd. invested 9 billion Kenyan shillings in mobile-based lending for household goods, marking its entry into Kenya, Business Daily Africa reported May 17.
The new facility, a mobile application called Aspira, will allow clients to apply for credit and get instant credit information, retailer information, loan status and payment updates, among other services, the report said.
Yoel Haile, the firm's managing director, said loans accessed through Aspira will attract a 4% monthly interest rate for first-time users. This will reduce by 0.5% every time a client applies for another loan after clearing the first one.
As of May 17, US$1 was equivalent to 100.35 Kenyan shillings.
