Mogo, East Africa’s leading asset financier, has launched the Best Price Guarantee campaign to reaffirm its commitment to offering the most affordable and accessible car logbook loans in Kenya.
With a focus on transparency and customer-friendly terms, Mogo 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,” said Branton Mutea, Deputy Country Manager at Mogo Kenya.
“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.
The State of the Banking Industry Report 2024 by the Kenya Bankers Association (KBA) reveals an 8.8 percent decline in microfinance bank assets in 2023, marking the fourth consecutive year of decline.
This shift underscores the appeal of non-deposit-taking lenders like Mogo, which offer more favorable terms and a customer-centric approach.
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