Wednesday, February 21, 2024

Co-op Bank gives Sh. 8.7 billion loans via mobile phones

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.”

The bank has been giving out the loans through its mobile platform dubbed M-Co-op Cash mobile app.

The platform processes and issues in real time mobile loans of between Sh. 100 and Sh. 200,000 repayable within a month.

Interestingly, it is available across all mobile money platforms such as M-Pesa and Airtel Money.

Co-operative Bank has positioned itself as the choice lender for quick and affordable loans ranging from asset financing to salary advances.

The bank was the first to adopt the 14 per cent interest rate following the capping of interest rates last year. This placed it as a friendly lender to both corporate and retail borrowers.

Additionally, the bank has been on a profit growth following the implementation of the Soaring Eagle strategic plan that has seen it as among the fastest growing banks in profitability locally.

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