Francis Muli
In a statement, the Kenya Commercial Bank said that the revamped product is part of its 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 on board are over one million customers monthly and disbursing at least Ksh7 billion every month, the bank has said.
“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 per cent interest,” read the statement from the bank.
The bank says that under the new development, there will be full loan disbursement of the exact amount borrowed. For example when a user borrows a loan of Ksh100, they will get the full Ksh100 disbursed with interest bundled on top.
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“The service will also offer increased transaction speeds resulting to near real-time processing,” adds the statement.
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 feature includes 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.
During the holiday season, customers will be able to get 0 percent interest loans. The 0 percent loan is a weekly promotion targeting customers who are in need of credit for their daily business or personal needs.
The promotion will run for 31 days from December 17, 2018 to January 17, 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 percent per annum.
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