Data firm TransUnion has launched Mobile Score Card, a mobile loan information service that enables lending firms to access a loan applicant's credit status.

Mobile Score Card is a database solution that continually 'learns' based on mobile transactional history.

It also provides mobile lenders with customisable and reliable risk view of the mobile loans. The product targets banks with mobile lending solutions, savings and credit cooperative organisation and independent mobile lenders.

Currently, the Credit Reference Bureau (CRB) is the main tool used by lenders to access applicant's profiles, to access customer risk. Users also have a chance to check their credit status with a simple SMS prompt.

"Mobile money ecosystem has outgrown necessity-based transactions and peer-to-peer lending, and is now ready to dive head-first into the next phase – mobile credit and loans," reads an excerpt from a statement issued by TransUnion..

"Mobile loans already play an important part in the functioning of the economy, and have an empowering effect on small trader businesses that would have previously been unable to access any form of credit."

Billy Owino, CEO of TransUnion Kenya, stated that mobile loans are one of the accessible loan facilities to many Kenyans.

"Transacting with conventional banks can be difficult, as many banks require documentation such as pay slips and credit history, in order to apply for credit or transactional accounts. The younger generation in Kenya is also not as willing to spend time queuing in banks for services, especially when they can simply turn to their mobile devices," Owino said.

TransUnion also launched a similar product in Rwanda in November.

Aimable Nkuranga, Country Manager at TransUnion, said, "Menyesha addresses the main issues standing in the way of Rwandans who want to make use of digital services to improve their credit health."

"As one of Sub-Saharan Africa's most digitally forward countries, Rwanda has much to gain by using financial technologies like Menyesha to leapfrog traditional banking systems previously characterised by high exclusion, delivering financial services conveniently and affordably to all levels of society," Nkuranga added.

TransUnion will offer this service through telecommunication companies, starting with MTN, Rwanda's biggest network provider, to ensure a seamless digital experience without the need for a smartphone.