Hey Millennials? This Is How To Unbank Yourself

The need for visiting a physical branch for any of the core banking services is becoming unreasonable each dawn as new technology advancements are introduced in the market.

Commercial Bank of Africa, which brought you M-shwari in November 2012 in partnership with Safaricom, have now unveiled a more interesting service that is set to change your banking experience! That is the CBA Loop, which not only enables you to save, earn interest and borrow money using your mobile phone, but also features a Personal Financial Management tool.

From Left: Isaac Awuonda ( CEO CBA) Martin Mugambi ( Group Executive Director ) Erick Njagi ( General Manager New Business Ventures ) during the unveiling of CBA LOOP

Personal Financial Management

Perhaps you are wondering, what is the need of having a Loop app while it is an app like any other mobile banking app. The reality is, it’s not the same as the rest.

Loop mobile application is a total departure from usual mobile banking apps and a first of its kind in the region, it features a Personal Financial Management tool, which enables you to track, plan and analyse your income against your expenditure on a regular basis, a service that other mobile banking applications do not offer.

The analysis is then presented using graphical tools for faster interpretation. It also makes it easy for customers to plan for and finance the personal goals and other aspirations for a given period. It’s a true disruption of the banking sector!

Unbank yourself, what does it mean?

The new digital money management and consumer banking service, transforms how retail customers manage and interact with their finances targets millennials and tech savvy customers.

We all have had a nasty experience in traditional banks; from long queues to systems running down, from endless paper work to insecurity especially when you have a large sum of money to bank. It’s annoying and that’s why you need to unbank yourself!

 

Screenshots from the android version of CBA LOOP APP showing how to pay your utilities, categorizing your spending and different ways to give you a convenient access to your money.

Unbanking yourself simply means doing all your transactions online via the CBA Loop mobile application found on android, iOS or accessed alternatively from http://www.cbaloop.com without necessarily visiting a physical bank.

In addition to the above, it means no paper work involved, no queues and assured security of your money and of course a pleasing, cheaper, and faster experience.

New Age Entrepreneurs

As a millennial, most are the times that you spend more money than your initial budget, sometimes you run out of funds and you are in need of quick loans. You are an entrepreneur and you need a loan from your bank but they are demanding security of their loan which you do not have hence you miss the loan. Worry not, CBA Loop with its Personal Financial Management analyses your spending habits hence giving you control of your money.

The mobile bank will offer you loans of as minimum as KES 30,000 and a maximum of KES 3,000,000 determined by your cash flow and CRB status without security. The loans are offered within a period of 10 minutes.

In addition to this, you can save with Loop and earn interest of upto 7% to 9% in 3-12 months.  There are no ledger fees applied on account.

How To Become a Looper

It’s simple, download the mobile application, available on android and iOS or visit their website http://www.cbaloop.com, fill in the required personal details, activate your account by loading KES 500 which will be used to process your debit card. Collect your Loop card from any of the 6 Loop stores currently available at Garden city, Sarit Centre, Yaya Centre, Maasai mall Rongai, Mama Ngina and The point Buruburu. They are equipped with Wi-Fi and designed as both work and social spaces, where you can interact with your financial service partner as well as amongst themselves.

                                                            Image showing the process of becoming a looper

After collecting your card, make your first transaction and enjoy becoming a Looper!

Loop will then  presents a range of transaction features that streamline how you save and make investments, an option for you to schedule your utility bills payments, send money, access loans, and pay for goods and services at retail outlets.

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About the Author

Muhatia
Muhatia is the Managing Editor of Biz News Media Reach him via editor@biznews.co.ke