KCB M-Pesa Loans Hit Sh10.3bn Since Launch
Tuesday, August 23, 2016
Mobile-based bank account KCB M-Pesa has disbursed a total of Sh10.3 billion in loans to its customers since March last year, indicating a growing appetite for short-term loans.
The platform has been advancing between Sh25 million and Sh30 million in loans daily over the past 17 months of operation.The joint venture between the bank and Safaricom has signed up 6.4 million account holders with over Sh286 million saved on the platform.
“Through this platform we have been able to contribute towards driving the financial inclusion agenda. Of great significance has been its role in providing a backup plan for our customers to free them from the fear of unforeseen events,” said Safaricom CEO Bob Collymore.
KCB M-Pesa was launched in March 2015. The platform allows registered customers to save up to Sh1 million, earning up to six per cent in interest. Account holders can also access up to Sh1 million in instant loans, accessible on the M-PESA menu. The loan can be repaid in up to 180 days.