Kenya Commercial Bank (KCB) and Kenya’s mobile network operator Safaricom have launched a new mobile banking product, KCB M-PESA Account, to enable customers get loans using their mobile phones.
The KCB M-PESA Account will allow customers on M-PESA platform to save and borrow up to KES 1m instantly on their mobile phones at a rate of 2% per month based on their credit score with a repayment period ranging from one month to six months.
The loan amount will be determined by the amount of M-PESA balance that a customer has and their savings on both Safaricom and KCB platforms and usage of their suite of products.
The product will deepen the strategic partnership between Safaricom and KCB while widening the mobile banking possibilities of customers.
KCB Group CEO Joshua Oigara said: "This product is a crucial answer to our country’s effort to empower millions of Kenyans by availing credit conveniently through their mobile phones."