FREQUENTLY ASKED QUESTIONS
What is KNPay?
KNPay is an Android mobile-money lending application to Mpesa registered Safaricom Users in Kenya and in the diaspora. KNPay is owned by KN Global Services Ltd, a subsidiary of KN Global Holdings Plc.
How do I register for KNPay?
To apply for a KNPay loan, download the KNPay app to get started. Then sign up and fill a short application form on the KNPay app. The registration should take a few minutes.
Why is my KRA pin required?
KRA pin is a personal identification number that will be required during the payment of commission payable to you upon referring upto 10 borrowers and who successfully repay their loans on time.
How much cash can I borrow with KNPay?
First loans range from KES 200 – 5000 and can grow up to KES 40,000 as you pay back your loans.
Does KNPay have any hidden charges?
There are no hidden charges when using KNPay. KNPay charges a fixed KES 100 during registration for CRB check, a flat interest charge of 15% per loan and KES 33 for each loan dispersal.
Is KNPay a legal entity? Does it have a physical location?
KNPay is a legal money lending application, developed by registered company, KN Global Services Ltd that is governed under the company’s act of 2015.
Do I have to be referred in order to secure a loan?
KNPay is a purely referral-based mobile money lending application.
Once I register as a KNPay customer, can I refer other borrowers? And what are the benefits?
KNPay is a purely referral-based mobile money lending application.
Can I refer more than one person at a go?
Yes, you can refer a second party once your first referral has secured and successfully repaid back their loan. It is encouraged that users refer people they are conversant with for future follow ups on loan defaulting.
Can I use KNPay with my iPhone?
KNPay is only available on Android Operating systems currently, downloadable from Google Play Store. The iPhone/Appstore version is coming soon!*
What is the maximum period of repayment?
During loan securing process, the user is at liberty to set whether to repay back the loan within a week or a month. Repayments thereafter shall be split into 4 installments.
What is PAR?
PAR stands for Portfolio at Risk. The term means unpaid loans. Normally loan defaulters have high PAR and therefore they are not creditworthy.
How do my defaulter referrals affect my PAR?
Loan defaulters in your referral stream increase your PAR. Zero PAR is ideal indicating that no one in your network has defaulted any loan.
Can I edit my already uploaded ID and KRA pin and passport size photograph?
Not really, editorial privileges only lie with KNPay administrators.
Why do I have to be referred by someone?
KNPay’s strategy of minimizing loan defaulters is to stick to the referral business model. The ultimate goal is to minimize PAR by keenly vetting loan applicants through their trusted existing members.
How can I secure my loan with my logbook?
At the moment KNPay does not offer secured loans.