May 30, 2023

(L-R) Branch Chief Technology Officer Anshul Agrawal,Branch Managing Director,East Africa Rose Muturi and Branch Co-Founder and CEO Matt Flannery Branch Microfinance has disbursed 16.4 million loans to 3.1 million clients in Kenya amounting to Sh 5.2 billion. Branch was founded in 2015 as a virtual lender and in Kenya, it has now grown to be a microfinance bank after the merger and acquisition of Century Microfinance Bank in March 2022. With operations across India, Nigeria, Kenya, and Tanzania, Branch says it has disbursed over $600 Mil (~Kes 80B) to over 5 million borrowers around the world in the last 6 years. The app has been downloaded over 21 million times and has an average user rating of 4.4. In addition to Branch’s core lending services, Neobank has also unveiled two new features for its customers. These include the Flexi and Target savings products which allow customers to enjoy competitive rates – customers get 9% p.a for Flexi and 15% p.a for Target, on their deposits. Related Articles January 10, 2023 Managing Director East Africa, Branch International, Rose Muturi, while speaking during a media roundtable on Monday noted that the Neobank recognizes the importance of savings as a vital component of financial stability. To cater to this need, they introduced Branch Flexi Savings Account, a versatile savings solution that allows customers to set aside funds at their own pace. “All you need to do is fund your account from your Branch wallet. Once your Branch wallet is funded, tap the ‘Savings’ option, select Flexi savings and enter the amount you want to save, complete your savings, and start enjoying an interest of 9% or 15% P.A, “said Rose. Branch has introduced a new payment option, Pay to Till, within their app. This feature enables customers to make seamless payments to merchants by scanning QR codes at their respective tills. Allowing users, the convenience of making payments directly from their Branch International app, eliminating the need for physical cash transactions. Artificial Intelligence Branch also revealed that it leverages Artificial Intelligence (AI) technology to minimize credit risk. Founder & CEO, Matt Flannery, said the Neobank’s utilization of AI algorithms has propelled it to the forefront of credit risk management, ensuring reliable and responsible lending practices. Mr. Flannery noted by harnessing the power of AI, Branch International is able to offer personalized loan products and minimize risk exposure, resulting in enhanced financial inclusion and economic growth. Facebook Comments