Tala increases loan limit to KSh50,000 in line with customer demands

TV47 for Tv47 Digital January 24, 2023, 09:26 AM

In Summary

Tala is a global technology company building the world’s most accessible financial services. More than 6 million people across Kenya, the Philippines, Mexico and India, have used Tala products to start and expand small businesses, manage day-to-day needs and pursue their financial goals with confidence.

Tala has raised more than $350 million from visionary investors including Upstart, the Stellar Enterprise Fund, RPS Ventures, the J. Safra Group, IVP, Revolution Growth, Lowercase capital, and PayPal Ventures.

Digital financial services firm Tala has increased its loan limit from KSh30,000 to KSh50,000.

The decision was inspired by the Tala’s MoneyMarch 2022 Report, which noted customers' desire to borrow more.

Up to 78% 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.”