KCB M-PESA Loans: The Kenya Commercial Bank and Safaricom mobile money lending and savings platform known as KCB M-PESA has unveiled a new offer.
From December 18, the platform will be giving out loans at zero interest to customers who borrow and repay on the same day.
To access the loans, all you need to do is go to your Safaricom sim tool kit, open M-PESA, select Loans and Savings, and then select KCB M-PESA. If you’re not activated, you may dial 100 on your Safaricom line and request for activation which is free.
In the same vein, KCB M-PESA account customers will only be required to dial *555# to see how much they can borrow and follow the prompts to secure the loan which will be sent to their mobile phones instantly.
The KCB M-PESA account enables customers to get loans using their mobile phones. The loans are offered with a flexible repayment period ranging from one month. Customers also have the option of two fixed savings options, a fixed deposit account and a target savings account.
As a requirement to qualify for a loan, you only need to be a Safaricom subscriber and M-PESA customer for six months, and not be listed on the Credit Reference Bureaus (CRB).
The loan amount you get will be determined by the amount of savings that the customer has made M-PESA balance, and their savings on both Safaricom and KCB platforms.
According to KCB CEO Joshua Oigara, KCB M-PESA is part of the push towards the development of a cash-lite economy, that has also enabled KCB and Safaricom to drive their financial inclusion agenda across the region.
“The high number of enrolment on this platform is attributable to the aggressive mobilisation strategy employed by the two corporates,” says Mr. Oigara. He adds that the uptake is a signal of future potential of the micro lending service through which one can borrow as low as Sh. 50. “It is those little amounts that are making a difference in people’s lives showing how this innovation is driving financial inclusion,” Mr. Oigara says.
