MOGO eyes 40pc growth in car logbook market…unveils a new loan campaign

By Remie OTIENO

 

Asset financier, Mogo expects its car logbook business in the Kenyan market to grow by 40 percent this fiscal year on the back of continued robust demand and its new range of financing options, a top company official said on Tuesday.

Branton Mutea, the Deputy Country Manager at Mogo Kenya said that after years of successful urban reach, the firm is now angling for a pie of the rural market with a new strategic vision, emphasizing seamless and transparent operation, innovation and market adaptation.

“This year we are seeing stability with the US Dollar. We are seeing opportunities outside the urban markets, so we will focus on rural areas where we see openings,” said Mutea.

He made those remarks on the sidelines of the firm’s launch of Best Price Guarantee campaign, seeking to reaffirm its commitment “to offering the most affordable and accessible car logbook loans in Kenya.”

Mogo says it is seeking to distinguish itself from competitors that impose stringent conditions and high-interest rates, which often place an additional financial burden on borrowers.

As a non-deposit-taking credit provider licensed and regulated by the Central Bank of Kenya (CBK), Mogo leverages advanced technology to ensure a seamless loan application process.

Customers can expect fast approvals, flexible repayment options, and a hassle-free experience with no hidden charges. The eligibility criteria have been simplified, requiring only a valid logbook, national ID, and KRA PIN, with funds disbursed within hours.

“Mogo is committed to making financing easily accessible to Kenyans, with a vast branch network ensuring that customers across the country can receive financial support when they need it most,” he said.

“The Best Price Guarantee assures customers that for the same loan amount and term, they will repay less with Mogo than with another non-deposit-taking credit provider licensed and regulated by the Central Bank of Kenya, provided they adhere to the original loan schedule.

Mogo is confident that it will deliver this through its advanced scoring methods and lean operations.

To further enhance customer experience, Mogo has invested in advanced website that allow applicants to apply for loans, sign contracts, and receive funds efficiently.

“There has been increasing demand for car logbook loans in Kenya driven by individuals seeking quick financing solutions for emergencies, business expansion, and personal financial needs.

Mogo is responding to this demand by offering a streamlined, technology-driven approach that prioritizes affordability and accessibility. The company adheres to all CBK regulations, including Credit Reference Bureau and Digital Credit Providers Regulations, ensuring full compliance and transparency in its operations,” added Mr Mutea.

Market trends indicate a shift in customer preference toward non-deposit-taking financial institutions such as Mogo. The Kenya Financial Sector Stability Report 2023 highlights the growing competition faced by microfinance banks, which are struggling to keep up with more flexible lenders.