Loans – Quick Loans to M-PESA for Android

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The advent of mobile banking has given a significant convenience to quite a lot of people in all parts of the world. Now let’s head on down to Kenya. An impoverished country with a population of 44 million. With roughly 42 percent of its entire population living below the poverty line; a lot of humanitarian causes have gone the extra mile to avoid children, men, women, and seniors succumb to the rising problem in the country – famine.

 

Enter M-PESA – a revolutionized mobile banking system.

 

“M” which stands for mobile, and “pesa” which means money in Swahili, a Bantu language and an African lingua franca among several regions, was spearheaded by Safaricom and Vodacom. This mobile application for quick loans mainly downloaded for Android phones is a service which enables unbanked people to make transactions through a network of agents. This allowed small-time borrowers to favorably manage their loans via an airtime reseller network.

 

What Services Does M-PESA Offer?

 

The reason why around 76 percent of the African population has a mobile phone banking subscription is that it aids unbanked people for quick loans at extremely lower costs compared to a brick-and-mortar bank. As for onsite banks, a myriad of processes sometimes hinders borrowers from loan approvals. Hence, they opt for these mobile apps for quick loans. These are the following services they can get from quick loan apps:

 

  • Deposit and withdraw money
  • Pay bills
  • Transfer money to other users
  • Purchase airtime
  • Transfer money from one service to another

 

Why Quick Loans to M-PESA are Popular?

 

We all know that poverty in Kenya is an elephant in the room. Some people turn a blind eye but some exert efforts to help. But through the efforts of mobile network operators; a new evolution in Kenyan mobile banking made its debut in 2007 and there’s no turning back.

 

Thanks to these geniuses, Kenyans can now use mobile banking and quick loan apps to make seamless transactions, monitor their accounts, and acquire products and services in a convenient way. And all these are made available to the people by just downloading the apps on their Android phones. A few taps and they’re on their way to gaining quick loan access!

 

What Are the Benefits of Quick Loans to M-PESA?

 

It’s no surprise why people find luxury in having their mobile phones handy. Everything we do nowadays are done online including mobile banking. But can you imagine if you can actually make quick loans in just a few taps on your mobile phones too? That would be a lifesaver for some! After all, you never know when you’ll need quick money for emergency purposes. So why does almost half of the population in Kenya have quick loan apps to M-PESA downloaded on their Android phones? On top of the added accessibility for loan applications, here’s a breakdown of the other top benefits of having quick loans to M-PESA that’s changing how Kenyans deal with their finances.

 

  • Some people don’t want to be seen going to a physical financial institution to apply for a loan. With quick loans to M-PESA, they can discreetly borrow money and obtain it in just a few minutes!
  • These apps for quick loans also provide added security as these first-rate lenders use the most cutting-edge encryption technologies to make sure that their personal information is safe from voracious hackers. Provided that they always keep their passwords to themselves, they can be sure their account is hack-proof.
  • There’s no doubt that when people go to brick-and-mortar banks, they’ll have to undergo certain procedures and worse, wait in a long queue! Quick loans to M-PESA will have everything ready in just a few minutes, whether they’re applying for a loan or checking their balances; they no longer need to speak to a professional for some trivial queries. There’s no doubt that speed is one reason why people opt for mobile quick loans above everything else.

 

Impact of Quick Loans to M-PESA in Kenya

 

Past and recent surveys proclaimed that the impact of M-PESA services has been unrivaled in Kenya. Despite the fact that it has saved Kenyans transaction and travel costs since the most accessible bank when it was launched was 9.2 kilometers away; these online platforms have also uplifted the poverty in the country in a number of ways. Because of mobile banking, poverty in Kenya declined significantly as it helped roughly 194,000 families go above the poverty line from 2008 to 2014.

 

Moreover, we are hoping that a ramification of these quick loans to M-PESA will infiltrate remote unbanked areas in the country or in every struggling part of the world. We can only hope and pray that more innovative geniuses will make this happen.

 

 

Author Bio: Evelyn Paulson, a certified financial planner, author and blogger, enjoys sharing tips on personal finance, business and entrepreneurship. She is currently working for My Quick Loans, which offers fast loans online in the UK including Christmas loans, Payday loans, Late Night loans, Weekday loans, Student Short Term Payday loans and many more.

 

 

 

Author Bio: Evelyn Paulson, a certified financial planner, author and blogger, enjoys sharing tips on personal finance, business and entrepreneurship. She is currently working for My Quick Loans, which offers fast loans online in the UK including Christmas loans, Payday loans, Late Night loans, Weekday loans, Student Short Term Payday loans and many more.

 

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