By Abel Muhatia @abelmuhatia
KCB–M-PESA the innovative mobile banking service launched last month between KCB and Safaricom has hit a major milestone by reaching 1 million accounts, just a month after it was launched.
With both firms Confirming over Ksh 700 Million, in excess, they… signed the 100th million customers this week.
“The 1 millionth customer is just a show of how this product is significant to our customers, the fact that one can borrow as low as Kshs.50/= for bus fare says a lot.It is those little amounts that are making a difference in people’s lives showing how this innovation is driving financial inclusion”, said KCB Group CEO, Mr. Joshua Oigara.
As at Monday 27th April 2015, the …total accounts opened stood at over 1.3 million with an average loan size being Ksh. 3,000/=.
The high number of enrolment is attributable to the aggressive mobilization strategy employed by the two corporates and the fact that over 82% of the population who own mobile phones in Kenya find it convenient to make payments through their mobile phones.
The entry of affordable smart phones has also enabled majority of the people to own mobile phones thus increasing the penetration of mobile phones in the country.
The KCB-M-PESA account offers customers a platform to borrow money based on their credit worth history, save money on their mobile phones and later borrow loans that are repayable within a maximum of 6 months.