KCB M-pesa Banking – KCB M-pesa Account
KCB M-pesa Account is a mobile based savings account that enables you to access instant KCB M-pesa Loan up to Kshs.1M upon dialing *844#.
How to Sign up
- Access through the M-PESA menu
- Select Loans and Savings
- Select KCB M-PESA and Activate.
KCB M-pesa Account Features
- Minimum saving of Kshs.1 and maximum saving of Kshs.1M
- Personal accident insurance benefit based on savings
- Interest on savings of 2% p.a.
- You may load your savings easily and conveniently via Mpesa, KCB Mobi, Mtaani agent and/or branch and withdraw your KCB Mpesa Account savings only via MPesa.
KCB M-pesa Loan
You can borrow instantly without saving with disbursement being to KCB M-pesa Account Loan Limits (Kshs.100 to Kshs.500,000 with a top up option)
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KCB M-pesa Account enables customers to get loans using their mobile phones, the loans are offered with a flexible repayment period ranging from one month to six months.Customers will also have the option of two fixed savings options, a fixed deposit account and a target savings account. You can choose flexible repayment periods of 1 month, 3 months and 6 months via M-pesa, KCB M-pesa Account and Mobi/Branch/Mtaani with an option of Partial payments.
Interest on KCB M-pesa Loan – KCB Loan Repayment Schedule
- 30 day loan at 4% per month (4%)
- 90 day loan at 3% per month (9%)
- 180 day loan at 2% per month (12%)
KCB Mpesa Deposits – Fixed Deposit Accounts
There are two types of fixed deposit accounts available to you as a KCB MPESA Account holder. They include
- Fixed Savings Account
- Target Savings Account
KCB M-pesa Deposits – Fixed Savings Account
This Account allows you to lock a specific amount of cash for a certain period of time.
How does it work?
- You will not be able to top-up to the amount saved.
- Loan limits periods include 1, 3, 6, and 12 months with minimum amount of Kshs.50
- Upon early or premature redemption, you will forfeit all interest accrued.
- You get cash back immediately to KCB MPESA account on prompting cash back
- You also get Life insurance benefit based on fixed deposit savings.
KCB M-pesa Deposits – Target Savings Account
This account allows you to set a target and make deposits towards achieving that target.
How does it work?
- You will top up continuously until you achieve your target.
- The account is accessible with standing orders from M-pesa or KCB M-pesa Account
- You can choose from target periods of 1, 3, 6 and 12 months with minimum contribution of Kshs.50.
- You will also earn interest on cumulative interest
- You are allowed up to 4 withdrawals within target lock period to maintain interest.
- You will get cash back immediately to your KCB M-pesa account on prompting cash back
- You benefit from exciting Interest rates of 1 month (3%), 3 months (4%), 6 months (5%) and 12 months (6%)
KCB M-pesa Loan and Account FAQS
What is the KCB M-pesa Loan Account Service?
The KCB M-pesa account is a paperless mobile based bank account that will be offered exclusively to M-pesa registered customers. KCB M-pesa Account will have zero minimum balance and will provide customers with the ability to:
- Save from as little as KShs.1 and earn interest of 2% p.a.
- Borrow loans with facility fee ranging from 2% to 4% per month.
- Save for a fixed period of time (Fixed Deposit Account) or Target Savings Account where you save little by little for a set period.
Place standing orders from:
- M-pesa to KCB M-pesa Account.
- M-pesa to Fixed Savings or Target Savings Account.
- KCB M-pesa to Fixed or Target Deposit Account.
- Enjoy a free insurance cover on Fixed Deposit Account, on savings in your Fixed Deposit Account.
- Transfer money in and out of the KCB M-pesa Account at no charge.
What are the requirements to have a KCB M-pesa Account?
To get a KCB M-pesa loan account, you will need to:
- Be a registered Safaricom M-pesa customer.
- Have an active Safaricom M-pesa account.
- Hold any one of the following Kenyan National ID, Kenyan Passport, Alien ID, Diplomatic ID(Registered on IPRS), Military ID.
How does an existing M-pesa Customer Open a KCB M-pesa Account?
- Accept the Terms and Conditions.
- You will receive an SMS with your PIN.
- Dial *844# to access the KCB M-pesa Account Menu and enter the PIN.
- Change PIN option will be available under my account.
KCB M-pesa Deposits – How can I deposit money into my KCB M-pesa Account?
- From Mpesa to KCB M-pesa Account.
- From my KCB M-pesa Account to another KCB M-pesa Account.
- From a KCB branch.
KCB M-pesa Deposits – Withdrawal – How will I withdraw money from the KCB M-pesa Account? – How to Withdraw Money from KCB to Mpesa
Customers can only make withdrawals from KCB M-pesa Account via Mpesa using the following steps
- Dial the USSD code *844# and Enter the KCB M-pesa Account PIN.
- Select “Withdraw” from KCB M-pesa Account.
- Select to “M-pesa” or other “KCB M-pesa Account.”
- Enter amount
KCB M-pesa Account Interest Rate – What is the applicable interest rate on the savings account?
The cumulative interest rate on savings will be 2% per annum
KCB M-pesa Loan – How will I qualify for a loan?
All frequent users of Safaricom services and existing KCB account holders will be allocated a loan limit upon opting into the KCB M-pesa Account. Not all customers will qualify for loans immediately.
KCB M-pesa Loan – What are the applicable facility fees for a KCB M-pesa loan?
- 30 day loan at 4% per month
- 90 day loan at 3% per month
- 180 day loan at 2% per month
NB: Facility fee payable will be deducted upfront and the balance will be sent to your KCB M-pesa Account.
KCB M-pesa Loan – What is the minimum and maximum amount I can borrow?
The minimum loan amount is KShs. 50 and the maximum loan amount is Kshs.1 Million depending on the customer’s credit scoring.
KCB M-pesa Loans – How do I request for a KCB M-pesa loan?
- Dial USSD code *844# and enter KCB M-pesa PIN.
- Select “Loan” then “request loan” and enter amount.
- Select the preferred period (1, 3, or 6 months).
- Funds will be transferred to your KCB M-pesa Account net of facility fee.
NB: You will receive confirmation message from both KCB M-pesa Account and M-pesa.
KCB M-pesa Loans – How do you repay your KCB Mpesa loan via M-pesa?
Loan can be paid in full or in installments from both KCB Mpesa account and Mpesa.
- Dial USSD code *844# and enter KCB M-pesa PIN.
- Select “Loan” then “Pay loan.”
- Select payment from either KCB M-pesa account or M-pesa.
- Enter Amount to pay.
KCB M-pesa Terms and Conditions
KCB M-pesa Loan Contacts
Postal Address: P. O. Box 66827, 00800 Nairobi
Telephone: 0711 087000 or 0732 187000
KCB Mpesa Loan News
KCB reviews mpesa, cuts rates, resumes lending on mobile platform
NAIROBI, KENYA: KCB Bank has enhanced the capacity of its flagship mobile platform KCB MPESA, cut interest rates and resumed lending on the product, effectively boosting the lender’s financial technology agenda. KCB Group CEO and MD Joshua Oigara said the adjustment on the product which was occasioned by a technical hitch which hit the platform last week affecting disbursement of loans, was meant to guarantee better services and enhance security. “We took the initiative to disengage the KCB MPESA system in order to undertake a quality assurance exercise as well as optimal development of the system to better serve our 7 million customers. This will enable them enjoy a seamless interactive experience while transacting on KCB MPESA. We apologize to our customers for the inconveniences that this caused” he said adding while KCB M-PESA lending service was unavailable, the rest of the KCB mobile services (Mobi Loan, Kopa Bills, Salary Advance and Mobi Grow) were available. “The system review now allows the Bank to accommodate more loan requests. We have also enhanced the credit scoring model as our way of deepening uptake of financial services,” said Mr Oigara while announcing that the Bank has resumed lending on the platform. Since the launch of KCB MPESA in March last year, KCB has extended financial services to over 7million customers, disbursing at least Sh12billion in loans. The average value of loans per customer averages Sh1800. Following the enactment of the Banking (Amendment) Act 2016 which came into effect mid this month—effectively capping interest rates at not more than 4 per cent of the Central Bank rate—KCB has lowered rates on all its loans to 14 per cent. KCB MPESA loans will now be charged 1.16 percent per month, down from 6 percentpreviously. A one off negotiation fee of 2.5 per cent will also be applied to loan applications. Excise duty (tax) is applicable on the non interest rate fees / negotiation fees, as required by law. “We have seen a sharp rise in loan requests on all our mobile loans following the decrease in interest rates, meaning the platform remains central in further deepening the financial inclusion agenda,” said Mr Oigara. As one of the pioneering mobile loan services in East Africa, KCB MPESA is a revolutionary mobile solution to the unbanked, enhancing the financial inclusion agenda of the bank. Latest statistics show that at least 40 percent of the loans processed through KCB MPESA are below Sh500 and 57 percent are below Sh 1000, an indicator that the service is providing affordable finance to users across all income levels. “Mobile banking, which is a key lever of our digital banking agenda, remains crucial to our growth story in the coming years. From a collaboration perspective, KCB MPESA is a flagship partnership that is redefining the mobile payments space in Kenya,” said Mr Oigara. KCB MPESA, as a mobile-based account, is accessible by all M-PESA users. Through their mobile phones, over 19 million active M-PESA customers in Kenya are able to access instant micro loans from as low as Ksh 50 to Sh1 million for a period of one month. One does not need to be a KCB Bank customer to enjoy the KCB MPESA service.
Read more at: https://www.standardmedia.co.ke/business/article/2000217669/kcb-reviews-mpesa-cuts-rates-resumes-lending-on-mobile-platform