Loan Apps Dominate Top 10 Most Downloaded In Kenya

by Business Watch Team

Among the top 10 most downloaded apps in Kenya, mobile loans were among the most downloaded. According to SimilarWeb, 7 out of the 10 downloaded apps in Kenya last month were mobile loan apps. This shows how terrible the economy is doing.

TikTok seems to be the only social media tool that is featured among the top 10 most downloaded apps. Initially, social media tools such as Twitter, Facebook, and Instagram dominated the list. Twitter is among the top 40 while Facebook is among the top 30.

Here is the list of the top 10 most downloaded apps in Kenya:

  1. TikTok
  2. Opera Mini
  3. Mkopo Haraka
  4. AsapKash – Reliable Loans
  5. Zenka Loan App
  6. Kopesha
  7. Zash Loan
  8. TruePesa
  9. KeCredit
  10. Spotify

Kenyans love mobile loan apps because; they do not require security, there is no paperwork, and the amount given is instant and varies depending on one’s credit score. Mobile loan apps are also readily available as compared to loans from banks.

During the year, the Central Bank of Kenya put all mobile loan providers under regulation. Initially, they operated as free wind and were not regulated by the CBK. The regulations mean they have to operate under the guidelines of CBK.

The new government under President William Ruto had vowed to make sure that at least 4 million Kenyans are delisted from the Credit Reference Bureau (CRB) after they defaulted on their loans. Mobile loan service providers had protested the move saying they will lose a lot of money.

Stats show that about 500,000 Kenyans listed on the CRB  have taken less than 200 shillings from mobile lenders.

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