Tala, an online lender granted loans to over 3.5 million Kenyans since 2014, amounting to a total of $1.9 billion (Sh240 billion), the firm stated.
According to Tala’s 2022 impact performance report, the firm, which is one of the 22 approved digital lenders in Kenya, confirmed a repayment rate of 90 percent.
The report further stated that the Fintech lending firm offered waivers totaling Sh2.6 billion to Kenyans in need of financial assistance, whereby most waivers were granted during the COVID-19 pandemic.
Tala revealed the loans positively impacted the overall quality of life for 84% of borrowers surveyed, despite tough economic times and the high cost of living in the country.
According to the survey conducted by 60 decibels, a global impact measurement company that uses technology, ”27% of borrowers reported improved access to finance, 23% said they could afford household goods and bills, and 18% were able to purchase inventory for their small businesses, making these the top three self-reported outcomes for those experiencing an improved quality of life.”
Tala’s Director of Growth, Annstella Mumbi said the findings, “Confirm Tala’s core mission to bring affordable credit and flexible payment options to the financially underserved majority in Kenya and integrate them into the financial ecosystem.”
Recently, Tala received certification from the Central Bank of Kenya.
Leveraging on the certification, the firm states it’s expecting over $10 million (Sh1.3B) in funding from partners, undisclosed as of now as discussions are underway.