Safaricom & KCB launch M-Pesa mobile money account



Today Safaricom and KCB Group have launched the new KCB-M-PESA account which will enable customers to get loans using their mobile phones from as low as Ksh. 50 to Ksh. 2 Million instantly. This new platform is a new frontier which will change the way customers are able to access credit.

KCB Group CEO, Mr. 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.”

In the last one year, KCB has seen its customer transactions with M-PESA triple to Kshs 125 billion, while the volume of transactions has grown from 10,000 a day to 100,000.

“Mobile technology has greatly transformed our lifestyles in the 21st century. It is increasingly making it more convenient for customers to pay utility bills, withdraw, or deposit money in their bank accounts as well as borrow by the click of a button,” said Safaricom CEO, Bob Collymore. He also added that the latest innovation, KCB M-PESA Account will play a crucial role in deepening financial inclusion in the country and region.

To access the KCB M-PESA Account service, customers will be required to dial *844#, accept the terms and conditions and proceed to save or borrow depending on their needs. The customer’s loan limit will be determined by a number of factors, including but not limited to, the amount of savings that the customer has, the customer’s usage of M-PESA, and their savings on other KCB platforms.

The account has different features which will be convenient and flexible to the customers. Some of this features include : the savings feature with a cumulative interest rate on savings of 2% per annum, fixed savings account features where the customer is allowed to set a specific amount of money for a certain period of time either 1,3,6 or 12 months, target savings account, where a customer sets a target and makes a deposit towards achieving that target, loans features where frequent users of Safaricom services and existing KCB account holders will be allocated a loan limit and standing order feature account where customers can be able to initiate standing orders either from M-PESA to KCB-MPESA Account, from M-PESA to Target Deposit Account or from KCB M-PESA Account to Target Account.

Safaricom and KCB Group entered into a strategic partnership in June, last year, and launched their first joint proposition, Biashara Smart which offers a suite of technology and financial solutions, geared at enabling SMEs to grow to the next level.

Article by Wacuka Kangethe.

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