KCB M-PESA account boosts Kenya credit

Digital enterprenuership: Safaricom's MPESA sign deal with KCB to boost mobile loans

Digital enterprenuership: Safaricom’s MPESA sign deal with KCB to boost mobile loans

MARIA MACHARIA in Nairobi, Kenya
NAIROBI, (CAJ News) – THE mobile-based bank account, Kenya Commercial Bank (KCB) M-PESA, has advanced KSh10,3 billion (98,5 million) in loans to its customers since inception about two years ago, boosting access to credit in the country.

The savings and micro credit platform, a joint initiative of Safaricom (NSE: SCOM) and KCB, has also signed up 6,4 million accountholders so far.

The accountholders have KSh286 million saved on the platform.

Every day, the platform advances between KSh25 million and KSh30 million in loans.

Safaricom Chief Executive Officer, Bob Collymore, says the success that KCB M-PESA has enjoyed highlights the value of strategic partnerships in delivering innovative solutions that are aligned to customer needs.

“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,” Collymore adds.

KCB Group CEO, Joshua Oigara, says the new platform leverages technological innovation to deliver financial products and services.

“The ubiquitous mobile phone has changed the way financial services are consumed. It has made it cheaper and more convenient for accountholders to access their bank accounts,” says Oigara.

– CAJ News

Short URL: http://cajnewsafrica.com/?p=14734

Posted by on Aug 18 2016. Filed under Africa & World, Broadband, Featured, Finance, Finance & Banking, Mobile & Telecoms, National, Regional, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

CAJ News Sponsored Links

Commonwealth Technology Organisation

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 Material may not be published or reproduced in any form without prior written permission.