Top Mobile lending firm, Tala has shut its operations in the neighboring country, Tanzania.
In a public announcement that was posted on the company’s media handles, Tala announced that they will no longer be issuing loans to Tanzanians due to undisclosed legal reasons.
”We regret to inform you that Tala is no longer lending loans in Tanzania. However, we appreciate the opportunity to serve you and we wish our customers continued success in your journeys,” read Tala’s statement.
Tala which is a popular mobile lender in Kenya gives fast personalized mobile loans to unemployed or self employed people. It swept the Kenyan market with the ease of acquiring the loans without requiring a collateral.
The company received ksh 11B financial boost in August this year to enable it spread its operations to other parts of the world and increase their customer base from the current 27 million people.
The company prides in its 2.5 million customer base in Kenya with other countries like Philippines, India and Mexico following suit in appreciating the lender’s convenience.