This translates to an average Kshs.660 million loans disbursed on a monthly basis to 5.2 million customers recruited within the same period.
“KCB M-PESA has revolutionalised lending and redefined banking. Accessing affordable credit has never been easier and faster than it is today because of this mobile phone technology allowing customers to borrow instantly. A year after we launched this product, we firmly stand at the epicenter of transforming the financial services sector in East Africa and beyond,” said Joshua Oigara, CEO, KCB Group.
Mobile banking technology is changing the way business operates in the country. According to Financial Sector Deepening Report (FSD Kenya) 2016, 18 per cent of the population using new mobile banking services such as KCB M-Pesa and Mshwari in the proportion of bank account users has now risen to 38 per cent.
This is a 10 per cent increase since 2013.
On his side, Safaricom CEO Bob Collymore has expressed his belief that financial inclusion is set to get better to customers even as the era of disruptive m-finance expands.
“Our joint initiative harnesses the transformative power of cross-industry partnerships. We believe that,” said Bob Collymore
Safaricom and the KCB Group’s joint partnership on KCB M-PESA merges the adaptability of the mobile money transfer platform M-PESA with reliable banking services from KCB, Kenya’s largest bank by assets.
Currently, all M-PESA users can get access to the loans by dialing *844#