Asante Finance

Company Overview and Background in Kenya

Asante Financial Services Group, operating legally as Asante FS East Africa Limited, stands as a prominent Nairobi-based digital credit provider. Established in 2016 and commencing operations in early 2018, Asante Finance has quickly carved out a significant niche in Kenya's dynamic financial landscape. The company's core mission revolves around extending vital digital financial services to the often-underserved micro, small, and medium enterprises (MSMEs) and individuals throughout Kenya and broader East Africa.

At its foundation, Asante Finance employs proprietary artificial intelligence-driven credit decisioning, which allows for swift and informed lending choices. The firm strategically partners with key players in the Kenyan digital ecosystem, most notably with Safaricom's Lipa Na M-PESA service and Interswitch. These collaborations enable Asante to deliver its diverse suite of loan products efficiently through both mobile and web-based channels. The company is privately held, with its founding CEO, Chidi Okpala, a seasoned executive with extensive experience in mobile money, leading a management team boasting over twenty-five years in strategy consulting, retail banking, and fintech across Africa. Asante Finance holds a valid digital credit provider licence from the Central Bank of Kenya, a crucial regulatory endorsement that underpins its legitimacy and commitment to compliance. Currently, Asante Finance serves more than 200,000 MSMEs, highlighting its substantial reach and impact on the Kenyan economy.

Asante Finance Loan Products, Rates, and Application Process

Asante Finance offers a variety of loan products designed to meet the specific needs of its target market, from small business owners to mobile money agents and salaried individuals. Understanding the terms, conditions, and application procedures for each is essential for potential borrowers.

Small Business Working Capital Finance

• Product: Designed for MSMEs requiring short-term capital. This often involves invoice financing via platforms like SOLV.
• Loan Range: From KES 5,000 up to KES 2,000,000.
• Tenor: Typically 7-day or 14-day flat-rate loans. A 3-day rollover option is available.
• Interest and Fees: A flat interest rate of 0.99% for 7-day loans and 1.98% for 14-day loans. The origination fee is embedded within this flat rate. A rollover fee of 1.5% is charged for each extension.
• Collateral: Predominantly unsecured, but invoice-backed loans require a digital invoice.
• Application Channel: Primarily through web platforms and integrations like SOLV.

Bloom Finance (Lipa Na M-PESA Merchant Loans)

• Product: Tailored for merchants using Safaricom's Lipa Na M-PESA till numbers.
• Loan Range: From KES 5,000 to KES 200,000.
• Tenor: Up to 30 days.
• Interest and Fees: The annual percentage rate (APR) is determined by a proprietary AI decision engine that assesses M-PESA till activity, Credit Reference Bureau (CRB) status, and transaction history. Processing fees are embedded within the credit spread. Late payment penalties may apply.
• Disbursement: Loans are disbursed directly to the borrower's M-PESA wallet, often within sixty seconds.
• Application Channel: Exclusively via USSD, by dialling *310#.

Mobile Money Agent Float Finance

• Product: Provides instant float top-up loans specifically for Interswitch and QuickTeller agents.
• Loan Range: Tailored to individual agent transaction volumes and usage patterns.
• Tenor and Pricing: Dynamic, based on the agent's usage and Asante's risk underwriting assessment.
• Application Channel: Through the QuickTeller mobile application.

Other Services

Asante Finance also offers

Smartphone Finance, providing device financing with flexible instalment plans (e.g., 3-12 months), and

Insurance Premium Finance, which allows borrowers to obtain loans to cover annual or multi-year insurance premiums. Specifics regarding interest and fees for these products are not publicly detailed, requiring direct inquiry.

General Application Process and Requirements

• KYC and Onboarding: Digital Know Your Customer (KYC) procedures involve submitting personal details such as name, identification number, address, and contact information via the respective application channel (USSD or app). Automated identity verification and CRB bureau checks are integral to the onboarding process.
• Credit Underwriting: Asante's AI-based engine is central to its credit scoring, leveraging mobile money transactional data, CRB reports, and behavioural metrics to assess creditworthiness.
• Disbursement and Repayment: Funds are primarily disbursed to Safaricom M-PESA wallets, with bank transfers available for some products. Repayment is typically made via M-PESA or bank debit orders. The company employs automated reminders and offers rollover options for short-term facilities, though late-payment penalties are applied, and recovery efforts can include CRB reporting.

Regulatory Status, Market Position, and Customer Experience

In the highly regulated Kenyan financial sector, Asante Finance maintains a strong compliance standing and is actively carving out a significant market presence, backed by a mixed but generally positive customer experience.

Regulatory Compliance

Asante Finance, through its legal entity Asante FS East Africa Limited, is a duly licensed Digital Credit Provider by the Central Bank of Kenya. This licence, updated on March 6, 2024, signifies that the company adheres to the stringent Digital Credit Provider Regulations set forth by the CBK. These regulations encompass critical aspects such as interest rate caps, transparent disclosure requirements for all loan terms, and mandatory CRB reporting. As of the latest available information (September 2025, unverified), there are no public records of penalties or enforcement actions against Asante Finance, indicating a consistent adherence to regulatory standards. This compliance ensures a degree of consumer protection, promoting transparent flat-rate APRs and clear rollover disclosures.

Market Position and Competitive Landscape

Asante Finance is considered among the top ten digital lenders in Kenya by active customer base, though this ranking remains unverified. It operates in a highly competitive market, contending with established players such as Tala, Branch, M-Shwari (a partnership between Commercial Bank of Africa and Safaricom), and KCB M-PESA (a partnership between KCB Bank and Safaricom). Asante's differentiation largely stems from its strategic focus on B2B platform integrations, notably with Lipa Na M-PESA merchants and Interswitch agents, and its niche in invoice financing for MSMEs. Since its inception in 2018, Asante has demonstrated impressive growth, expanding its MSME customer base from zero to over 200,000, with ambitious plans to scale to 1.6 million merchants in the near future. Its partnerships with Safaricom Lipa Na M-PESA, Interswitch/QuickTeller, and the SOLV platform are instrumental to its growth strategy and market penetration.

Mobile App Features and User Experience

For float finance, Asante leverages a partnership with QuickTeller, offering a mobile application available on both iOS and Android platforms. However, its popular Bloom Finance product, catering to Lipa Na M-PESA merchants, is accessible solely via USSD (*310#). This USSD-only access for a key product can sometimes pose a constraint for users accustomed to feature-rich mobile applications. The company's corporate website provides product information and features customer testimonials, which generally highlight quick access to capital and favourable rates. Common complaints, though largely unverified, include limited loan tenors and the associated rollover fees, as well as the application channel constraints, particularly for Bloom. Asante Finance provides dedicated customer support through a helpline (+254 111 017 500) and email ([email protected]) to address inquiries and resolve issues.

Practical Advice for Potential Borrowers in Kenya

Before engaging with any digital lender, including Asante Finance, Kenyan borrowers should approach the decision with careful consideration. Here is some practical advice:

• Assess Your Needs Accurately: Clearly define why you need the loan and how much you truly require. Borrow only what you can comfortably repay, ensuring the loan serves a productive purpose for your business or personal finances.
• Understand All Terms and Conditions: While Asante Finance offers transparent flat rates for some products, always ensure you fully comprehend the interest rates, any hidden fees, rollover charges, and late payment penalties. Ask for clarification on any ambiguous terms.
• Compare Offerings: Do not limit your options to a single lender. Compare Asante Finance's rates, tenors, and eligibility requirements with other licensed digital credit providers in Kenya, such as Tala, Branch, or M-Shwari, to find the most suitable and cost-effective solution for your specific circumstances.
• Check Your CRB Status: Your Credit Reference Bureau (CRB) status significantly impacts your eligibility and the terms you may be offered. Before applying, obtain your CRB report to understand your standing and rectify any discrepancies.
• Plan Your Repayment: Digital loans often have short repayment tenors. Develop a clear and realistic repayment plan before taking out a loan to avoid defaults, which can negatively affect your credit score and incur additional penalties.
• Utilize for Productive Purposes: For MSMEs, working capital loans from Asante Finance can be beneficial for managing cash flow or seizing business opportunities. Ensure the loan's use genuinely contributes to business growth or essential needs, rather than consumption that does not generate income.
• Guard Your Personal Information: When applying through USSD or mobile apps, ensure you are using official channels to protect your personal and financial data from fraud.

By following this advice, potential borrowers can make informed decisions, manage their finances responsibly, and effectively leverage the digital lending solutions offered by companies like Asante Finance in Kenya.