KCB-Mpesa banking platform has offered Sh. 7.8 billion in loans issued over the past one year. This has been revealed by KCB chief executive officer Joshua Oigara.
The mobile banking platform which is a partnership between Safaricom and KCB is currently giving loans worth Sh. 660 million every month in its 5.2 million account.
“Accessing affordable credit has never been easier and faster than it is today because of this mobile phone technology allowing customers to borrow instantly. A year after we launched this product, we firmly stand at the epicenter of transforming the financial services sector in East Africa and beyond,” said Mr Oigara. He further added that customers have been borrowing from as little as Sh. 50 to as high as Sh. 1 million.
The KCB-Mpesa loans are payable within a six-month period.