Tala has increased its loan limit on the platform by 67pc boosted by flexible repayment plan offered to customers.

Tala Director for Growth Annstella Mumbi says customers will be able to borrow up to Ksh 50,000 from Ksh 30,000 as consumers battle high inflation and concerns over increasing cost of credit from traditional financial institutions.

“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 Mumbi.

In its MoneyMarch 2022 Report, the mobile lender said customers wished for higher loan limits with 78pc of borrowers taking loans to pay for business expenses, add stock, or fund their side-hustles. 

“With the increased limits, we hope that parents can now quickly access a sizable school fees loan and get their child settled in class on time, small traders can pull through stock equaling demand and bread winners can manage to put food on the table each day,” added concluded Mumbi.