The Co-operative Bank of Kenya has issued salary advances and mobile loans amounting to Sh. 91.14 billion amidst the coronavirus pandemic. In a show of solidarity with her customers, the bank has grown its loan provision by up to 2.6 times. As at the end of June this year, the bank’s M-Co-op Cash mobile loan book had grown from Sh. 34.58 billion to Sh. 91.14 billion.
According to a report from the bank, the number of customers taking the e-credit, mostly for short term goals such as buying food and paying rent, has also tripled from 2,982 to 9,139. 86 percent of the e-credit or Sh. 78.38 billion relates to salary advances with the remaining share tapped by businesses for working capital. “We are actively engaging our customers to support them through this period by re-aligning the servicing of facilities, funding and transactional needs as the situation unfolds,” Gideon Muriuki, the bank’s chief executive officer said.
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Dr. Muriuki further added that the short-term loans have complemented the efforts to support customers navigate through the Covid-19 economic hardship.
The bank’s MCo-op Cash, a mobile banking application that has been hailed for having the lowest loan charges in the market. There are three types of loans that you can get from this app.
MCoop Cash Secured Personal Loans
“These loans go to a limit of up to Sh. 200,000 for any customer with savings in MCo-op Cash based on their amount of savings,” says the bank in a statement.
Interestingly, this means that all you need to do is download the mobile app, deposit money and apply for the loan through your smart mobile phone. The loan you apply for will be processed and tendered to you immediately.
MCoop Cash Salary Advance
The mobile app also provides for salary advances to customers who hold a proven record of paying their advances efficiently. The bank offers salary advances to a higher limit of up to Sh. 100,000.
MCoop Cash Business Loan
For those in business, the mobile app might just prove to be your saving grace. Currently, the app allows for loans of up to Sh. 50,000 for customers with an existing Co-op Bank loan.
