Customers will now be able to borrow, repay and borrow again from KCB-MPESA the same day, open a target savings account and top up the same day.
KCB-MPESA customers will now enjoy more borrowing and saving options and faster transaction speeds.
This follows a successful migration of the offering to a new and more robust platform, KCB Bank Kenya has said in a move that will allow KCB M-PESA users to borrow a loan, pay it back the same day and borrow again.
The revamped product is part of KCB Bank digital banking proposition meant to deliver sustainable growth for the business into the future.
“We are continually reimagining digital finance. There is need for us to embrace innovation and digitization beyond our current realm of operations” said KCB Group CEO and MD Mr. Joshua Oigara during the relaunch of KCB M-PESA on Tuesday. The Bank migrated to the new system last month and is onboarding over 1 million customers monthly and disbursing at least Kshs 7 billion every month.
The new platform offers increased speeds which means customers will have an easier time getting the well-priced loans, which are offered with a 4.08% interest.
Under the enhanced proposition customers can also open a target savings account and top up the same day. There will be full loan disbursement of the exact amount borrowed. For example when a user borrows a loan of 100/=, they will get the full 100/= disbursed with interest bundled on top. The service will also offer increased transaction speeds resulting to near real-time processing.
Since KCB Bank partnered with Safaricom in March 2015, the customer base has grown from 4 million to 14 million.
The product comes with augmented features that will enable automatically rollover their loan by another month effectively widening the room by which a customer is able to pay back their loans.
Another offering is top-up loans, a capability that will allow customers to borrow multiple times in the same month without being required to clear their outstanding balance up to their assigned limit.
KCB M-PESA customers will also celebrate the holiday season with the 0% interest loan. The 0% loan is a weekly promotion targeting customers who are in need of credit for their daily business or personal needs. This is a first in the industry as well as in the region. The promotion will run for 31 days from 18th December 2018 to 17th January 2019. During this period, customers will be able to enjoy one interest free loan per week as long as the loan is repaid by midnight of the same day.
Customers will also be able to set up a Fixed Deposit Account, allowing them to lock up their cash for up to 12 months. A Target Savings Account on the other hand allows customers to set a target and make deposits towards achieving it.
With either of the savings accounts, customers earn an interest of up to 6.3% per annum.
To activate KCB-Mpesa, go to the Safaricom Tool Kit, click on the M-PESA menu and select Loans and Savings. Select KCB M-PESA and click on Activate. From there you can access loan limits from as low as Kes. 50 and up to Kes. 1million.