Alternative Circle,a micro lender will launch Shika Loan App come July in a move to provide easily accessible, cheap and fast mobile loans to Kenyans.
Shika Loan App will join the likes of Inventure Mobile's Tala loan app,Branch International's Branch loan app ,Getbucks' Haraka loan app and Utunzi Ventures' Utunzi loan app but with a difference.
Anthony Magayu, a co-founder of Shika Loan App pointed out clearly that transparency will be prime here;
We are very transparent with our customers for example, all the credit costs are explained to users before taking credit, our ranking is explained to our users on how they can increase their limits and we engage with our users a lot to know their individual credit needs and personalize their credit because we understand everyone has a unique personality and credit needs
Alternative Circle recently received seed funding of over kes 110million from Credit Info,a financial risk management company with presence in major markets in the World.
The funding was intended to be used to finance the app fine tuning, hiring of tech experts and other business running expenses.
Shika loan app will enable users apply for loans and receive decision instantly. Approved loans will be disbursed into borrower's Mpesa account within less than 3 minutes.
Shika is currently asking for Kenya's to test it's beta services.You can jump aboard on shika-app.com