Digital financial services firm Tala has increased its loan limit from Sh30,000 to Sh50,000.
The decision was inspired by the Tala’sMoneyMarch 2022 Report, which noted customers’ desire to borrow more.
Up to 78 percent of the firm’s customers take the loans to pay for business expenses, add stock, or fund their side-hustles.
“We are a consumer-first company and fulfilling our customers’ most relevant needs sits at the heart of our decision-making during product improvements and development of new services,” said Annstella Mumbi, the company’s Director for Growth.
“With the increased limits, we hope that parents can now quickly access a size-able school fees loan and get their child settled in class on time… small traders can [also] pull through [with the] stock-equaling demand, and bread winners can manage to put food on the table each day.”