Financial services firm, Mogo, has secured Sh800 million loans from I&M Bank and Ecobank to expand financing for assets such as motorcycles, vehicles, and smartphones in Kenya, targeting underbanked individuals and small businesses.
The fund is expected to boost Mogo at a time when demand for credit-backed asset financing is rising among informal sector workers, particularly boda boda riders and micro-entrepreneurs who are seeking ownership instead of daily rental arrangements.
