Sponsored: How Zenka Finance became the most preferred non- banking platform in Kenya


Sponsored: How Zenka Finance became the most preferred non- banking platform in Kenya
Zenka Finance company officials receiving an award as the best preferred non-banking platform.PHOTO/COURTESY

In Summary

  • The thriving Kenyan economy constitutes the perfect ground for fintech based businesses, which is why Zenka Finance; a mobile fintech company started its operations in Kenya in December 2018.
  • According to the internal survey results, the majority of Zenka clients take out their loans for business (70%) purposes, willingly recommending Zenka to their friends and family (86%).
  •  Zenka won the top award for the most preferred non-banking platform despite the fierce competition from well-established players on the market, nominated in the same category.

The digital lending market in Kenya has been expanding rapidly since the world’s first digital credit solution was launched. Soon, it became the dominant source of credit for entrepreneurs as well as for private or public sector employees.

The thriving Kenyan economy constitutes the perfect ground for fintech based businesses, which is why Zenka Finance; a mobile fintech company started its operations in Kenya in December 2018.

“Competing with well-established brands isn’t easy unless you adopt highly sophisticated and unique techniques enabling you to outpace the competitors and attract customers attention. Zenka’s goal was to provide innovative financial solutions in a way that gives people peace of mind and balance in achieving fulfillment in their lives,” says Robert Masinde, Zenka’s CEO.

Thus, Zenka decided to allow potential customers to try its services at no cost and verify whether they suit their needs. The client-oriented approach combined with the omnichannel access (via Goggle Play Store, App Store and USSD code) shortly resulted in dynamically growing customer base.

Zenka managed to become a trusted partner for more than 700,000 customers in just seven months.

According to the internal survey results, the majority of Zenka clients take out their loans for business (70%) purposes, willingly recommending Zenka to their friends and family (86%).

Such positive feedback from Zenka’s customers shouldn’t raise any eyebrows, as the lender goes to great lengths to make the lending process as smooth as possible.

Fully flexible loan products from USD5 to USD200 with the repayment period up to 30 days are for the asking (for more details visit https://zenka.co.ke/). The disbursement process takes approximately 5 minutes, and money is transferred on the M-Pesa account.

Additional amounts within the granted loan limit are readily available via the app, and for borrowers struggling to meet the deadlines, Zenka offers loan extensions instead of immediately reporting defaults.

To protect clients from over-indebtedness and provide them with secure financial services, Zenka has developed a range of sophisticated tools for customer identification and creditworthiness evaluation ranging from machine learning algorithms, the use of Credit

Bureaus internally developed anti-fraud methodologies to dedicated econometric-based scoring models.

Last, but not least, the AI-based automated chatbot supported by fully engaged and dedicated CC team enhances the speed of communication and engagement with customers.

Zenka’s efforts have, without a doubt, been appreciated by its customers. The Financial Inclusion Awards ceremony held at Crown Plaza Hotel, Nairobi on Friday 9th August mirrored their preferences, as the awards in every subcategory out of 21 main categories were granted based on their votes (for more info visit http://www.finiawards.com/).

Zenka won the top award for the most preferred non-banking platform despite the fierce competition from well-established players on the market, nominated in the same category.

Apart from winning the most preferred non-banking platform award, Zenka has also won the 1st runner-up award for the fastest growing non-banking loan platform.

“Winning these awards was a testimony to the hard work and dedication of the whole Zenka team. Nothing can motivate us more to further effort than such massive and heart-warming support given by our customers,” summarizes Zenka’s CEO.

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