CBA Loop Loans: Commercial Bank of Africa (CBA) customers can now borrow upto Sh. 3 million on their mobile phones. This follows the launching of a digital banking platform that allows its customers to borrow the amount for a period of three years. This is the highest mobile phone loan in Kenya.
CBA’s Loop app was launched in March 2017, but did not offer loans before the new features were added.
Instead, CBA has been running another application in partnership with Safaricom’s M-Pesa, known as M-Shwari, which offers maximum loans of Sh. 20,000 for 30 days.
CBA general manager for new business Eric Muriuki says that customers can also access overdrafts of up to Sh. 100,000 based on their financial track record.
He added that Loop service charges had been revised downwards, with some transaction fees removed to attract more customers.
“Loop-to-Loop transactions and purchase of airtime will be free, payments through Safaricom’s Pay Bill and Buy Goods, will attract no additional bank charges, while the transaction charges for Loop to M-Pesa and ATM withdrawals have been reduced by 44 and 40 per cent respectively,” said Mr Muriuki.
