Kenya Commercial Bank 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.
Now the bank has done something a little strange for such a traditionally conservative bank in the past, it has launched a new scheme where customers can get sizeable loans via their cell phones.
The facility fee for the loan will start from as low as 2% per month (which is actually 24% per annum). Customers will also have the option of two fixed savings options, a fixed deposit account and a target savings account.
The new KCB loans will range from as low as KShs. 50 to as high as KShs.1 million instantly on mobile phones.
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