KCB M-PESA Account: Saving money is not easy. Oftentimes, the will and dedication to save money towards a certain goal is often defeated by numerous financial demands. It is not uncommon for savers in Kenya to break their piggy banks or withdraw funds they were committed to saving at the bank.
This is the hindrance to financial freedom that the largest bank in Kenya by assets has dedicated to solving. Through KCB M-PESA (a mobile based product for M-PESA customers), KCB has a tool that is tailor-made to help Kenyans achieve their financial goals by saving consistently. “Through the Target Savings account, we allow Kenyans to set a target and make deposits towards achieving that target,” says the bank in a statement.
This account is the product of a partnership with Safaricom that established the KCB M-PESA loans and savings tool in March 2015. Since then, KCB M-PESA has simplified the way Kenyans save and borrow money. Interestingly, to be an account holder, you are only required to be a registered and active Safaricom M-PESA customer. You need not to visit any KCB branch since the account is opened on the phone.
Once you have activated KCB M-PESA and opted for the Target Savings option, you will be required to make an initial deposit of not less than KSh. 500. The minimum target period you can save for is one month. Nonetheless, all your savings will offer you an annual savings interest of 6.3 per cent. This interest will be earned cumulatively. “Early withdrawal of funds from Target Savings is allowed subject to withdrawal of the entire amount saved. Total interest on savings will be earned to the day of the withdrawal,” says KCB.
To open the account for your target savings:
• Access M-PESA menu.
• Select Loans and Savings, KCB M-PESA
• Select Target Savings.
• Open Account
• Select source of funds; This can be either M-PESA of KCB M-PESA.
• Enter amount (amount needs to be not less than KSh. 500)
• Enter period (1, 3, 6 or 12 months)
• Enter M-PESA PIN and confirm transaction
• You will receive an M-PESA confirmation.
It will be well to bear in mind that all money in and out of your KCB M-PESA account will only be available through M-PESA.
To deposit from M-PESA to KCB M-PESA:
• Access the KCB M-PESA menu.
• Select Deposit from M-PESA.
• Your M-PESA will be deducted and your KCB M-PESA account credited with the amount.
To withdraw from KCB M-PESA to M-PESA
• Access the KCB M-PESA menu
• Select Withdraw to M-PESA
• Your KCB M-PESA account will be deducted and your M-PESA account credited with the amount.
To check your KCB M-PESA account balance:
• Access the KCB M-PESA menu
• Select My Account
• Check your account balance or request for a mini statement.
For more information:
https://ke.kcbgroup.com/home/accounts/mobile/kcb-m-pesa