Kenya Commercial Bank (KCB) customers can now get loans using their mobile phones. The loans will be offered with a flexible repayment period ranging from one month to six months.
In addition the facility fee for the loan will start from as low as 2% per month. Customers will also have the option of two fixed savings options, a fixed deposit account and a target savings account.
The bank has seen its customer transactions with M-PESA triple to KShs. 125 billion, while the volume of transactions has grown from 10,000 a day to 100,000.
KCB customers can now enjoy credit facilities from as low as KShs. 50 to as high as KShs.1 million instantly on their mobile phones an innovation of branchless banking as our next frontier.
To access the service, customers will be required to dial *844#, accept the terms and conditions and proceed to save or borrow depending on their needs. The customer’s loan limit will be determined by a number of factors, including but not limited to, the amount of savings that the customer has, the customer’s usage of M-PESA, and their savings on other KCB platforms.
The KCB M-PESA Account has flexible repayment periods from one month to six months, levies affordable interest rates starting from 2% while offering access to instant loan facilities on request. The customer can also save, place standing orders or make fixed deposits on their phones.