Branch is a mobile app that provides personal loans, savings, and bill payments services in Kenya.
Initially, the Branch app was primarily used to offer mobile loans, but it has since evolved into a full-fledged digital financial services platform that enables users to save, transfer money, pay bills, and access personal loans.
In this article, we will explore the features and services offered by Branch, with a focus on its personal loan products.
Contents
Personal Loans on Branch
Branch offers personal loans ranging from Ksh 500 to Ksh 300,000, with a repayment period of 62 days to one year.
The interest rates range from 2% to 18% per month, depending on the risk profile of the borrower.
For instance, if you borrow Ksh 10,000 at an annual percentage rate (APR) of 196% with a tenure of 62 days, the total amount disbursed will be Ksh 10,000, while the total amount to repay will be Ksh 13,260 (Ksh 10,000 + Ksh 3,260).
You will be required to make two monthly payments of Ksh 6,630 each, and failure to make payments on time may attract a late fee.
Branch’s personal loan products are designed to cater to various financial needs, such as medical loans, home renovation loans, education loans, travel loans, wedding loans, and student loans.
One of the benefits of borrowing from Branch is that there are no processing or onboarding fees, and the loan application process is entirely digital, with no paperwork or collateral required.
Branch Microfinance Bank
The company has also launched Branch Microfinance Bank (Branch MFB), which enables users to access personal loans, savings, bill payments, and money transfer services from their mobile devices.
Branch MFB offers lower fees and flexible repayment terms compared to the Branch app, making it an ideal choice for individuals looking for affordable financial services.
With Branch MFB, users can get instant loans without paperwork or collateral, make money transfers from Branch to MPESA, pay bills without extra charges, save money on the Branch wallet and earn an annual return on investment (ROI) of 15% – the highest rate in Kenya.
Branch MFB also allows users to withdraw their savings anytime or keep it for a fixed period, with weekly interest payments.
Safe and Secure Loans
Branch uses a user’s phone data, including SMS history, to verify their identity and create a credit score, which is used to determine loan eligibility.
The company encrypts the data to protect users’ privacy and promises never to share or sell users’ information to third parties.
The company has been featured in prominent media outlets such as the Financial Times, TechCrunch, Forbes, Bloomberg TV, Huffington Post, Wall Street Journal, CNBC Africa, and several local Kenyan publications, indicating its commitment to providing safe and secure financial services to its users.
Contact Us
Branch provides world-class support for its users’ financial needs, with 24-hour customer service available.
If you have any questions, feedback, or concerns, you can contact Branch by emailing Kenya@branch.co or messaging them within the app.
You can also find them on Facebook, Twitter, or visit their website at branch.co.ke
For more information on Wallet and Bill Payments, see https://branch.co.ke/faq. If you prefer visiting their office, their address is 10th Floor, Reliable Towers, Mogotio Road, Off Chiromo Lane, Westlands, Nairobi.
Conclusion
Branch is a reliable and convenient digital financial services platform that provides affordable personal loans, savings, and bill payments services in Kenya.
The company’s commitment to using innovative technology to provide financial solutions to its users has made it a popular choice among Kenyans looking for accessible and affordable financial services.
With its recent launch of Branch Microfinance Bank, the company has expanded its reach and enhanced its services to provide more flexible and affordable financial solutions to its users.