Kenya Commercial Bank (KCB) on Tuesday announced the upgrade of its mobile money platform KCB M-Pesa that will allow customers to borrow more loans and conduct transactions seamlessly.
According to KCB Group Chief Executive Officer (CEO) and Managing Director (MD) Mr. Joshua Oigara; the improvement is part of the bank’s digital plan to deliver sustainable growth for the venture.
“We are continually re-imagining digital finance. There is need for us to embrace innovation and digitization beyond our current realm of operations,” the KCB CEO said during the re-launch.
Following the upgrade customers will be able to automatically rollover their loans by another month effectively widening the room by which a customer is able to pay back their loans.
Similarly, the platform which the bank migrated to in November 2018, offers a top-up loans feature that will allow customers to borrow multiple times in the same month without being required to clear their outstanding debt balance.
The lender also revealed that the platform conducts transactions at increased speeds which means customers will have an easier time getting the well-priced loans, which are offered at a 4.08 per cent interest rate.
With the festive season upon us, KCB M-PESA will allow customers the opportunity to borrow zero per cent interest loans. The interest free 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 cent per annum.
To activate KCB M-Pesa, 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 Ksh. 50 and up to Ksh. 1 million.