Undoubtedly, everyone has occasionally found themselves a few shillings short when making important payments, like settling utility bills, paying suppliers or transferring money.
In such moments, people are forced to delay payments or look for alternative sources of cash. Traditionally, many people have relied on borrowing from friends and relatives, postponing transactions until their next salary or business income, or even making repeated deposits into their accounts before completing a payment.
While these options may work, they can be inconvenient, time-consuming and, in some cases, strain personal relationships.
The rapid growth of digital banking has transformed how customers manage their finances, making it possible to access banking services anytime and anywhere through mobile applications.
Banks are increasingly introducing solutions that ensure customers can complete transactions seamlessly, even when they encounter temporary cash flow constraints.
A good example of such products is the Kamilisha overdraft offered by the Co-operative Bank of Kenya.
Kamilisha, a short-term overdraft facility, is designed to help eligible customers complete transactions when they do not have sufficient funds in their accounts.
Available through the Co-op Bank App, the facility enables customers to proceed with bill payments or fund transfers without having to postpone important transactions because of a temporary shortage of money.
The product automatically tops up the amount required to complete eligible transactions, including bill payments and fund transfers initiated through the mobile banking application.
Eligible customers can access loan amounts ranging from Sh1 to Sh100,000, depending on their approved limit. The overdraft is repayable within a maximum period of 30 days, making it suitable for customers facing temporary liquidity constraints.
Kamilisha is available to both salaried and business customers who hold the appropriate accounts with Co-operative Bank.
To qualify for the facility, customers must have either a salary account or a business account with the bank. They are also required to register for and use the Co-op Bank App, through which the overdraft service is accessed.
Customers must first opt into the service before they can use it. This can be done by dialling *667# or *557#, selecting the E-loans option, then choosing Opt-in and confirming the request. Once activated, the approved loan limit is assigned to the customer and is refreshed every 30 days.
Those who no longer wish to use the facility can opt out by dialling *667# or *557#, selecting E-loans, choosing Opt-out, and confirming the request.
Also Read: Features of Co-op Bank’s premium account for executives and business leaders
