The Co-operative Bank has terminated fees it previously charged customers to move money from its MCoop android application network.
“This is meant to remove price barriers associated with making mobile-based money transfers and payments, and encourage greater use of the cellphone as an alternative banking channel,” said Co-operative Bank’s CEO Gideon Muriuki.
The bank, which, has already signed three million users on the app, said that the app will ow offer extended benefits such as the ability to pay loans, buy airtime, transfer cash from one account to the other, and pay utility bills.Currently, the application has a loan book that stands at Sh. 3 billion. It’s average loan size since June 2016 has stood at Sh. 13,000 per customer.
The bank’s customers enlisted on the service have been paying Sh. 35 to move cash from one MCo-op Cash account to the other.