(Last Updated On: May 5, 2015)
KCB Group’s mobile phone based lending service now has over 1 million accounts registered. KCB Mpesa was launched in partnership with Safaricom in order to propel the growth of KCB’s mobile banking platform.
In terms of deposits it now has over Ksh700 million in deposits on the platform. This service basically works just like Safaricom and CBA’s M-Shwari which has registered 10 million customers and lends over Ksh24 billion. Its biggest competitor, Equity Bank also has over 700,000 people registered under their mobile network Equitel.
The average loan size on KCB Mpesa is Ksh3,000. The loans are repayable within a maximum of 6 months.