M-PESA offering boosts financial inclusion

NAIROBI, (CAJ News) – CUSTOMERS using the innovative mobile-phone based, miro credit and savings product, KCB M-PESA, have transacted over Sh7,8  billion (US$76,8 million) in loans a year since launch, thus significantly deepening financial inclusion in Kenya.

The joint initiative between Safaricom and KCB Group has recruited over 5,2 million customers in the period, with an average Sh660 million loans disbursed through the service on a monthly basis.

Joshua Oigara, Chief Executive Officer of KCB Group, said KCB M-PESA had revolutionalised lending and redefined banking.

“Accessing affordable credit has never been easier and faster than it is today because of this mobile phone technology allowing customers to borrow instantly. A year after we launched this product, we firmly stand at the epicenter of transforming the financial services sector in East Africa and beyond,” said Oigara.

Safaricom and the KCB Group’s joint partnership on KCB M-PESA merges the adaptability of the mobile money transfer platform M-PESA with reliable banking services from KCB, Kenya’s largest bank by assets.

Bob Collymore, CEO, Safaricom, said the joint initiative harnessed the transformative power of cross-industry partnerships.

“We believe that the mobile phone and M-PESA in particular have the ability to enhance financial inclusion service delivery to a broad set of customers who are demanding more flexibility as we enter the era of disruptive m-finance,” said Collymore.

CAJ News

Short URL: http://cajnewsafrica.com/?p=12058

Posted by on Mar 15 2016. Filed under Africa & World, Featured, Finance, National, News, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Connect to CAJ News on Facebook

Subscribe to our Newsletter

Photo Gallery

Log in
All material © CAJ News Africa. Material may not be published or reproduced in any form without prior written permission.