Kopa Cent is a Fintech company which is using technology and mobile money to offer loans to employees through advance salary through flexible times and payment duration unlike the main stream financial lenders such as banks and microfinance. Through having access to a smartphone and internet then one can easily apply for a loan and have it within their pockets quickly. The company has tried to be distinct from other companies as they offer more funds and have a more customer friendly approach to their clients.

Kopa Cent has a simple mode of operation, for one to qualify for their loans, they have to download the online application then install the program in their smartphones, through having the services in the phone ones needs to sign in  through providing their identification details, these includes the national identification number, their email and the private identification number. Due to the accessibility of the smartphones and online data then there is the need for privacy and security.

In order for one to access for the Kopa Cent loan, they then apply for the loan through the application by indicating the amount of money they need and the terms of paying the loan and the amount of interest to be charged on the loan. However, one has to upload their last three months’ pay slips and  three months bank  statements to provide a clear outline on the financial viability of the applicant and to avoid loss of money from the company. In addition to that a copy of the identification number a passport photo for the applicant to ensure that they are authentic and also to discourage fraud.

Advantages of getting a Kopa Cent loans is that;

• Once the loan has been approved and sent directly to the Mpesa or bank account thus saving on the transaction fee.
• The safety features by Kopa Cent have ensured that the details of the clients are much more secure and also by providing a passport photo one gets to avoid fraudsters who use stolen identification cards.
• Having an online customer support system makes addressing of issues easier and quicker thus cutting cost and improving on the efficiency.
• Accessibility of funds  enables realization of  opportunities and goals through empowerment and actualization of the opportunities, thus filling a gap left out by the government.

Disadvantages of Kopa Cent online loan application;

• Impulse borrowing of money from the online application could lead to less funds for those who need urgent funds for emergency.
• High borrowing interest rates which has led to exploitation of the market and thus worsening the financial position of the clients.
• Poor repayment record and financial position by the clients leads to poor rating and a bad name to other financial companies which offer loans thus making it more hard for one to access funds from other financial companies.
• Lack of clear outline on the terms and conditions being offered by the companies has led to high interest rates and also unfavorable terms and conditions.