The mobile loan provider ,through its app, have so far disbursed close to a million digital loans to Kenyans and Tanzanians since it started, the places it operates currently in the East African lending market.Uber on the other hand have delivered through its app over a million rides to kenyans thus creating digital jobs.
Matthew Flannery, Branch International founder said in a post;
Uber just passed its millionth ride in Kenya. Branch will soon issue its millionth loan. Uber provides digital jobs; Branch provides digital loans. This week we are joining forces to work together
Flannery shown confidence in the new move even if credit bureaus are just gaining stability, by saying he has identified yet other ways of underwriting borrowers apart from the social media, and its the digital uber job platform and digital ledgers.
Cheap Branch Loans
Branch will however, not cover all Uber drivers instantly.
The cab drivers who will benefit from the cheap loans from the micro lender will have to meet a given kind of qualifications .
Under our partnership, high performing drivers using Uber will be able to leverage their data to gain access to low interest Branch loans. A driver will need to have achieved an Uber app rating of 4.6 and have completed at least 500 trips to be eligible for the facility. Qualifying drivers will have access to a $300 starter loan, payable within 6 months at a fee of 1.2% interest monthly