Kenya’s payment ecosystem is rapidly evolving as consumers look for convenient and seamless payment systems.

The increased digital transactions have been attributed to the high mobile phone and internet penetration, the adoption of mobile money services, and a rising banked population.

According to the Central Bank of Kenya (CBK), Kenyans transacted Sh6.59 trillion on mobile money in 2024 compared to Sh2.3 trillion ten years ago.

This highlights the surging demand for mobile money services as the country moves to a cashless economy.

NCBA LOOP is leading this transformation, allowing customers to manage their money through both mobile and the web.

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The platform allows customers to open accounts in the comfort of their homes and start transacting immediately.

After opening an account, LOOP offers an opportunity to secure data and banking experience through a fingerprint ensuring a customer’s important banking data are secured.

LOOP’s new model enables users to take loans and buy items in the same transaction. This means if a customer has insufficient balance to complete payment, they can automatically apply for a loan to complete the transaction.

At a time when access to credit is a major challenge for small and medium-sized enterprises, LOOP has come to bridge this gap, offering Personal Loan of up to Sh3 million and an overdraft of up to Sh100, 000.

The platform also allows businesses to direct channel payments into their accounts through Paybill Numbers or a loop card at the same time improving user experience.

Unlike other mobile money services where customers have to key in all account details when making payments to other accounts, LOOP has partnered with various institutions to allow customers to make payments effortless.

These institutions include banks, Saccos, telecommunication companies, internet service providers, utility firms, and learning institutions.

When making payments to these institutions, users don’t need to key in paybill number. All they need to do is select the company they are making payment to, key in the account number, and pay.

LOOP’s mobile money services extend beyond transacting and access to credit, as it provides investment opportunities. Users can set aside as little as Sh100,000 on Loop Invest and get competitive interest rates on their investments.

To motivate customers to continue using the platform, LOOP awards loyalty points to its customers. These points can be used to redeem rewards such as discounts, gift cards, or merchandise.