Airtel Kenya set to launch mobile loans

After partnering with Mauritius-based consumer credit firm AFB in July last year, Airtel Kenya is set to launch a mobile loans service.

This week, subscribers were sent an SMS saying: "Need a cash loan? You may soon qualify for an instant loan of up to $57. Another first from Airtel Money to loyal customers."

The company originally partnered with microfinance firm Faulu Kenya in May 2012 to launch 'Kopa Chapaa', aimed at advancing loan facilities via mobile phones.

Details of interest rates and repayment terms are yet to be made public in a press release, nor is it clear how the new product with be different from 'Kopa Chapaa'.

With competitor Safaricom's 'M-Shwari' having been a success, Airtel's new service will no doubt have a guaranteed market for mobile loans ahead.