1. About Kopalink
Kopalink is an online platform that operates and maintains an online marketplace that allows consumers to browse and apply for third-party personal finance products, including personal loans, home loans, car loans, and credit cards, as well as insurance products.
We are a neutral online marketplace for instant customized rate quotes on loans, insurance services, credit cards and foreign exchange services
From our portal you can shop for loans, insurance and foreign exchange services, open a bank account as well as apply credit cards just like you buy everything else online – an online financial market place.
Kenya’s high adoption of technology and the increasing internet penetration in the country places Kenya at a great position to become a potent FinTech force of the world. With other key enablers such as a fast evolving startups ecosystem, good government policies and a well-educated and technologically adaptive workforce and population, Kenya is poised to become a potent Fintech force in the region.
Currently, there is a lot of opaqueness in the financial sector to the customers especially for those seeking financial services as financial institutions do not disclose adequate information for clients to make informed choices.
The purpose of Kopalink is to demystify that and create transparency in the entire loan process.
At the moment, Kenya’s financial sector is quite disjointed as banks and other financial institutions operate under individual terms and customers do not understand cross banking services. There is a big disconnect between the customer and the institutions as the banks are not very responsive to customer needs.
One of the major challenges faced by many Kenyans seeking financial services such as loans, insurance covers, credit cards, opening bank accounts or seeking foreign exchange services is the lack of a one-stop platform to obtain such services and also the lack of information on the best deals available in the market. In most cases, people still have to either walk into banking halls to seek for the services or call a friend who may be conversant with such services. This also involves undertaking a lot of inquiries from different service providers. These lengthy and tedious processes sometimes lead to frustrations and prospective customers end up settling for the next available and not necessarily the best deals that are cost effective and which may not suit their needs!
Walking into many of Kenya’s banking halls, one will find that customers still queue hours on end for services they would have otherwise undertaken using online platforms or straight from their mobile phones. Some of the services they seek are basic – such as asking for a loan statement or enquiry about available loans, loan rates and other information which can be easily provided online at a press of a button.
As consumers get more and more sophisticated with their investment plans, there is need to build competencies and partnerships with third party providers to outsource non-core components of their businesses to third party providers who specialize in sourcing for clients and concentrate on their main business. Thus banks need to tie up with various channel partners to provide value added services across the board. The convenience of customers has become a critical aspect of banking and this is where specialized and sophisticated providers such as Koplalink come into play to offer the most critical piece – the quality of service and specialized talent that banks need in order be successful in their retail business.
Most of the big banking institutions are leaden with huge liquidity reserves. These banks need to move a place for “parking” people’s money and borrowers just borrow to a place where everyone understands why they have a relationship with the bank in the first place.
Kopalink envisages to developing into a financial nirvana for customers make it their peck and call.
Kopalink understands that the customer of the 21st century needs a lot comfort, convenience and quality services which can only be achieved through innovation. Banking, and financial services in general are an evolutionary process where quality of services and convenience shall be its hallmark and main differentiator. With Kopalink, we shall deliver a system where a client can get a forex exchange delivered right to his doorstep. This can only be brought about through convergence of services at single point – Kopalink.
Kopalink is a platform that provides a one-stop online shop for all financial services in the country. Acting as a financial aggregator, Kopalink provides a one stop online marketplace connecting interested financials service seekers e.g. loan borrowers with the potential providers (both traditional and non-traditional financial providers)
Kopalink therefore wants to bring an end to the disjointed financial services in the financial sector by making the whole process quite simple and transparent through a single portal. Whether you need a personal loan, a car loan, a mortgage, an insurance policy for your car, a life cover, an educational cover, credit cards or just want to undertake a forex service, loans, insurance, credit cards, foreign exchange and other financial services the platform provides you with all these at a single place –right at the palm of your hand! The platform shall link prospective customers with prospective financial providers.
With Kopalink, banks shall competitively provide their irreducible minimum.
With Kopalink, you don’t need to queue in the banks searching for loans as the banks shall do most of the work for you.
With Kopalink, you can apply and get your loan without stepping out of the comfort of your home or office.
This saves you a lot of time and helps you avoid contracting infectious diseases such as COVID-19.
With Kopalink, all a prospective customer needs to do is access the portal and make a loan request through what we call a “loan broadcast.”
A “loan broadcast” is a system works as follows:
