Aspira, an app that enables you to purchase phones, furniture and electronics has been introduced into the Kenyan market. The app which will be available on iOS and android mobile platform, will allow users to apply for credit, get instant credit information, loan status, payment updates amongst others.
The app has been launched by Mauritius-based Cim Financial services – a non-bank financial institution. With over 250,000 active users, the financial institution lends in excess of Ksh 10 billion yearly. This is mainly via product financing. The lender has opened a Kenyan office to bring affordable access to product financing in Kenya. Leveraging on the fintech business model, the company hopes to grow the business within a span of five years.
With a maximum simple interest rate of 4% per month on financing and a loan range of upto Ksh 350,000 for first-time customers, the application will give users access to a wide variety of goods from various retail partners. “Kenya is an attractive market in terms of a large middle class, an established retail sector and mobile money,” said Cim Kenya managing director Yoeal Haile.
Users will need to download the app store or Google play, supply all the relevant information including name, date of birth, current work status, income. Other verification documents include bank statements, payslips, M-Pesa statements.
They will then get an instant decision and credit limit. They can then visit their retailer of choice and pay a minimum deposit of 30%. The goods become instantly available to them as the payment is disbursed directly to the retailer. Customers can chose to pay over 3, 6, 9 or 12 months using the Aspira, Pesalink or Mpesa option to make monthly payments.
Nairobi was identified as the first location for Aspira’s pilot test with roll-out expected in Kisumu and Mombasa before the end of the year.