Mogo doubles bank borrowings to Sh1.6bn on Ecobank, I&M loans
Detailed summary
The expanded funding base gives Mogo more resources to finance customers buying motorcycles, cars, tuk-tuks and smartphones ...
A boda boda rider ferries a passenger past closed Mogo Boda Boda seller outlet in Kolen, Nakuru Town.
Asset financing company Mogo Kenya has doubled its borrowing from local banks to Sh1.6 billion, deepening its reliance on domestic lenders and institutional investors to finance its rapidly expanding consumer loans portfolio.
Mogo increased its credit facilities at I&M Bank and Ecobank Kenya, raising loans from local lenders from the previous Sh800 million as total local funding crossed Sh9 billion, including inflows from private credit investors.
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