Kenya's leading credit company Mwananchi has launched a new product dubbed "Weekend Loan".
The soft loan, according to the Chief Executive Officer Denis Mombo, is an incentive to its loyal clients who are servicing existing loans.
"This is the fastest loan being issued to our clients and is done so in less than ten minutes courtesy of Mwananchi Credit App that is transacted online and deposited through M-Pesa", said Mr Mombo.
He said the facility is a top-up to clients keen to accomplish urgent life mandates like birthdays, weekend parties or any other emergent expenditure.
The app dubbed "Mwananchi Credit App" is available online.
"Weekend loan is purely for our existing customers in need of urgent financial intervention in the middle of an ongoing loan at an interest rate of up to one per cent," he added.
He said the facility addresses the immediate needs of our clients.
He said that clients servicing loans cannot be denied life pleasures while complying with existing loans hence the need for this facility.
The loan ranges from Sh70,000 to Sh100,000 payable weekly.
The new technology fosters convenience to clients wishing to access credit at the convenience of their mobile phones.
Financial institutions offering credit and loan facilities are investing in technology to remain afloat in the industry marred with cut throat competition.
Latest in the industry is the many online applications that offer credit facilities to clients.