Government to Launch A Mobile Loan App

A mobile phone used to apply for a loan.

A mobile phone used to apply for a loan.

The government of Kenya is making arrangements to launch its first ever Mobile loan application in April 2019.

The loan app named Y-Mobile App is a brainchild of the Youth Enterprise Development Fund and will be used to disburse its loans to Kenyans.

The Youth Fund Chairman Ronald Osumba revealed that the state corporation was seeking Ksh. 300 million from the national treasury as part f the efforts to provide more loans.

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“The demand is high and it is expensive to devolve officers to county and sub-county levels. I would rather have a platform which is accessible to somebody in a remote village,” said Osumba.

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Youth Fund Chairman Ronald Osumba speaking at a past public function

The fund noted that 80 percent of the requests received were for short-term loans which could be effectively disbursed through the app.

The Y-Mobile will join the numerous mobile loan apps that are already operating in the country. In 2018, the government also announced a plan to merge affirmative action funds into one organization.

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