It has never been easy to get loans in kenya before like it is in the current times.This follows an increase in revolutionary platforms such as KCB M-PESA that give instant loans to its customers.
To make this even more easier, the mobile-based bank account has advanced KSh10.3 billion in loans to its customers since inception about two years ago, boosting access to credit in Kenya.
The savings and micro credit platform, a joint initiative of Safaricom and KCB, has also signed up 6.4 million accountholders so far.
The account holders have KSh286.1 million saved on the platform. Every day, the platform advances between KSh25 million and KSh30 million in loans.
Attributing the achievement to strategic partnerships in delivering innovative solutions,Safaricom CEO Bob Collymore noted that through the same platform a huge contribution towards driving the financial inclusion agenda has been made
Of great significance has been its role in providing a backup plan for our customers to free them from the fear of unforeseen events,” Mr Collymore added. KCB M-PESA was launched in March 2015.
The platform allows registered customers to save up to KSh1 million, earning up to 6 per cent in interest. Accountholders can also access up to KSh1 million in instant loans, accessible on the M-PESA menu on the SIM toolkit under the updated Savings and Loans tab.
On his part, KCB Group CEO, Joshua Oigara said that the new platform leverages technological innovation to deliver financial products and services.
“The ubiquitous mobile phone has changed the way financial services are consumed. It has made it cheaper and more convenient for accountholders to access their bank accounts,” Mr Oigara added. KCB M-PESA is now available directly on the M-PESA menu, and customers no longer need to dial *844# to access it.
The loan amount given is determined by the amount of savings that the customer has made, M-PESA balance, and their savings on both Safaricom and KCB platforms and usage of their suite of products. Customers also have the option of operating fixed deposit accounts – fixed savings account and target savings account – on KCB M-PESA.