Patmoz
By Njeri Irungu
Mogo, East Africa’s leading asset financier, has launched the Best Price Guarantee campaign, reinforcing its commitment to providing the most affordable and accessible car logbook loans in Kenya. The initiative aims to solidify Mogo’s position in the market by offering transparent and customer-friendly terms, setting it apart from competitors known for stringent conditions and high-interest rates that often strain borrowers.
As a non-deposit-taking credit provider licensed and regulated by the Central Bank of Kenya (CBK), Mogo utilizes advanced technology to streamline the loan application process. Customers benefit from quick approvals, flexible repayment plans, and a straightforward experience free from hidden charges. The eligibility criteria have been simplified, requiring only a valid logbook, national ID, and KRA PIN, with funds disbursed within hours of approval.
Branton Mutea, Deputy Country Manager at Mogo Kenya, emphasized the company’s dedication to financial accessibility. “Mogo is committed to making financing easily available to Kenyans, with an extensive branch network ensuring customers nationwide can access support when they need it most,” he said. “The Best Price Guarantee ensures that for the same loan amount and term, customers will repay less with Mogo compared to other CBK-licensed non-deposit-taking credit providers—provided they adhere to the original repayment schedule. We achieve this through our advanced scoring methods and efficient operations.”
To further improve customer convenience, Mogo has invested in digital platforms that enable applicants to apply for loans, sign contracts, and receive funds seamlessly. The demand for logbook loans in Kenya has risen steadily, driven by individuals seeking quick financing for emergencies, business expansion, and personal needs. Mogo’s technology-driven approach addresses this demand by prioritizing affordability, speed, and compliance with regulatory standards, including the Credit Reference Bureau and Digital Credit Providers Regulations.
Market trends reflect a growing preference for non-deposit-taking financial institutions like Mogo. The Kenya Financial Sector Stability Report 2023 highlights the increasing competition faced by microfinance banks, which are losing ground to more agile lenders. Additionally, 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 contraction. This shift underscores the appeal of customer-centric lenders such as Mogo, which combine favorable terms with a commitment to transparency and regulatory compliance.
By focusing on affordability, efficiency, and trust, Mogo continues to redefine the logbook loan market, offering Kenyans a reliable alternative for their financial needs.
