Mobile money lending platform Tala has unveiled a flexible credit option that will allow customers to repay loans matching their income cycle or salary pay date.
Under the new program dubbed as the ‘Jichagulie Due Date’, borrowers will get lower interest fees depending on the chosen duration of up to 60 days without surcharge for those who repay within the specified time frame.
“Our customers can now time their due date around their next payday and other financial obligations, making repayment easier, and enjoy lower fees depending on the duration they choose,” Tala’s Country Growth manager Annstella Mumbi said.
According to Mumbi, the program was developed after a rigorous user research process in collaboration with customers in order to give borrowers the power to choose the due date that works best for them and not Tala.
”We will be introducing many new product changes this year to give Kenyans more financial access as well as the confidence to reach their financial goals,” Mumbi said.
The digital lending platforms have continued to aligns themselves with the new digital lending law also known as the Central Bank Amendment Bill 2021, was signed by President Uhuru Kenyatta bringing digital lenders into the ambit of the Central Bank of Kenya.
The law allowed the regulation of mobile money lenders by CBK after remaining unregulated for a long time, with some charging high interests rates and debt shame their customers by calling theirs friends and relatives on the contacts.