mKey is a digital banking service that was launched by Finserve Africa in September. Through the app, customers can chat with their pals, read news, shop, pay bills, save and even take loans.
To get a loan, you need to do the following:
1. Download the app
You need to download the app from the Google Play store here.
2. Create an account
Once you have the app, you need register a new account. You will also need a Facebook account or a Google account to start the process.
You will also need a mobile number, government ID and to confirm your email address.
3. Apply for loan
Once you filled the details above, the app will let you know how much money you can be able to borrow. You can borrow from Ksh. 300 to Ksh. 1 Million. The maximum amount that one can borrow is dependent on an individual borrowers credit score, repayment history, transactions among other factors.
The loans attract an interest rate of 9%.