Co-operative Bank has seen a rise in the amount of loans it has been giving out through its mobile phone lending platform.
In the period ended June 2017, Co-operative Bank saw its mobile loans hit Sh. 8.7 billion.
This reflected a jump in the average amount of loans Kenyans are applying for from Sh. 12,800 to Sh. 19,000.
It also meant that at least 1,000 mobile loan applications were being approved daily.
“The mobile loans are both affordable and delivery is real-time, and accessible via mobile phones,” said Co-op Bank’s chief executive officer Gideon Muriuki. “We are focused primarily on offering advances for our salaried customers and top-up loans for our business customers with other loan facilities.”