KCB M-PESA is a loans and savings product exclusively offered by KCB Bank Kenya Ltd to Safaricom M-PESA customers. KCB MPesa Loan was formed through a partnership between Kenya Commercial Bank (KCB) and Safaricom’s mobile money service M-PESA.
It’s accessible through the Safaricom toolkit, M-PESA app, MySafaricom app, and KCB app.
Requirements to Access KCB M-Pesa App
Inorder to qualify for KCB MPesa loan you must be 18 years old, have a registered Safaricom line and be an active M-Pesa subscriber for at least 6 months and be an active KCB M-Pesa account holder.
KCB M-PESA is a savings and loan service that enables M-PESA customers to;
- Save as little as Kshs. 1, and access credit from Kshs. 1000.
- Earn interest of up to 6.3% p.a. on your saving balance.
- Save for a fixed period of time
- Access loans instantly, credited to your M-PESA account from a minimum Kes 1000 and up to Kes 1million charged a facility fee of 8.64% being Loan fees of 7.35% and 1.29% Excise duty
No forms to fill, no branches to visit. Just one click on your phone and you have a savings account with access to instant loans!
How to Register for KCB MPesa Loan
On your phone go to M-Pesa. Then access the M-PESA menu > Select Loans and Savings > Select KCB M-PESA and Activate.
What are the loan features?
The KCB M-PESA loan account is a micro-credit product which gives you access to a loan; may it be for an emergency, to fund a project or enterprise.
- Access loan limits from as low as Ksh.1000 and up to Ksh.1million
- Enjoy repayment period of one month
- Loan repayment can be made via M-PESA, or from the KCB M-PESA account
How to qualify for a loan
- Be an M-PESA subscriber for 6 months
- Save on KCB M-PESA
- Actively use other Safaricom services such as voice, data and M-PESA.
How does it work?
- Access the M-PESA menu.
- Select Loans and Savings.
- Select KCB M-PESA.
- Select Loan.
- Request Loan.
- Enter amount.
- Enter your M-PESA PIN
- Loan amount will be sent to your KCB M-PESA Account. To access the loan, withdraw the money to your M-PESA for FREE.
- The loan amount to be paid will be in inclusive of the facility fee.
What about savings?
There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They are;
- Fixed Savings Account
- Target Savings Account
Fixed Savings Account
This account allows you to lock a specific amount of cash for a period of up to 12 months.
How does it work?
- Access M-PESA menu
- Select Loans and Savings
- Select KCB M-PESA
- Select Fixed Savings Account
- Select Fixed deposit
- Open Account
- Select the source of funds;
- M-PESA
- KCB M-PESA
- Enter amount (amount needs to be more than KES 500)
- Enter period (1 up to 12 months)
- Enter M-PESA PIN and confirm the transaction
- You will receive an M-PESA confirmation.
What are the benefits?
- Locked periods include 1 up to 12 months with the minimum amount of Kshs.500.
- Upon early or premature redemption, you will forfeit all interest accrued.
- You get cash back immediately to KCB M-PESA account on prompting cash back.
- Earn attractive Interest rates of 6.3% p.a. on your savings.
Target Savings Account
This account allows you to set a target and make deposits towards achieving that target.
How does it work?
- Go to M-PESA menu
- Select Loans and Savings
- Select KCB M-PESA
- Select Fixed Savings
- Select Target Savings Account
- Select Open Account
- Select source of funds;
- M-PESA
- KCB M-PESA
- Enter Target amount you intend to save for the period (amount needs to be more than KES 1000)
- Enter period (1 up to 12 months)
- Enter initial deposit amount (not less than KES 50)
- Enter M-PESA PIN and confirm transaction
- You will receive an M-PESA confirmation.
What are the benefits of KCB MPesa?
- You top up continuously until you achieve your target.
- You can deposit money into the target account through:
- M-PESA
- KCB M-PESA
- You can choose from target periods of 1 up to 12 months with a minimum contribution of KES 50.
- You earn interest on cumulative interest.
- Early withdrawal of funds from Target Savings is allowed subject to withdrawal of the entire amount saved. Total interest on savings will be earned to the day of the withdrawal.
- You get cash back immediately to your KCB M-PESA account on prompting cash back.
- Minimum target period is 1 month.
- Enjoy attractive Interest rates of 6.3% p.a. on your savings.
Frequently Asked Questions
How do I check my KCB M-PESA loan limit?
- Go to M-PESA menu
- Select Loans and Savings
- Select KCB M-PESA
- Select Loan
- Select Check Loan Limit.
How do I grow my loan limit?
Inorder toincrease loan limit you will need to increase activity on your KCB M-PESA account by moving money in and out of your account. Increase savings on your KCB M-PESA account. Increase usage of M-PESA services. Early and prompt repayment of KCB M-PESA loans
