MyBucks | GetBucks hit by fraudulent loan applications

MyBucks! A FinTech company, bringing together all financial information to a central, manageable & easy to understand dashboard

The company have been hit by fraudulent loan applications barely three months in to credit to small business and persons in informal sector.

Thanks to technology the firm have prevented 1500 fraudulent loan applications. The micro lender began remitting loans in September 2016 after its entry in to the Kenyan Market in July.This after buying into Opportunity International an aid organisation funding businesses across Africa.

The firm have 12 branches in Kenya so far and eyeing a deposit taking license from the central Bank of Kenya in a bid to grow its clientele.

On net or off-net and its will more familiar as being a pioneer into the Kenyan onlinecash with both web based and mobile based (App) platforms. GetBucks Kenya platorm advances loans of between Sh455 (€4) and Sh4,556 (€40) at 12.67 per cent interest rate with re-payment due in six days.

Last month, GetBucks, a subsidiary of the firm, began remitting mobile-based loans to self-employed individuals in the informal sector in Kenya through the Haraka application.

Borrowers are required to have an M-Pesa account and an active Facebook account to help MyBucks to minimise customer fraud and credit risk.

Borrowers seeking the loan dubbed Nano will first access small amounts as they slowly build their credit history to guarantee them more money in the subsequent loan requests.

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