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June 13, 2022

KCB M-Pesa

KCB MPESA is another mobile money lender affiliated with Safaricom although it is owned by the Kenya Commercial Bank. KCB M-Pesa also enables you to save, thus enabling you to borrow. KCB M-Pesa can be accessed through the M-Pesa menu on your phone, so you must have a Safaricom sim card as well. KCB M-Pesa has a special feature called top-up that allows you to request a loan more than once as long as you have not exceeded your limit.

Save and Borrow on KCB M-PESA right from your phone. Put money away in a fixed deposit or target savings account, and grow your money at an interest rate of over 6%* p.a. Save as little as Kes.50; the more you save, the higher you grow your credit limit.

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.

Save as little as Kshs.1 and earn interest of up to 6.3% p.a. on your saving balance.

Save for a fixed period of time (Fixed Savings Account) and earn interest of 6.3% of your savings.

Access loans instantly, credited to your M-PESA account from a minimum Kes 1000 and up to Kes 1million charged a facility fee of 7.35%

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 sign up

Access through the M-PESA menu

  • Select Loans and Savings
  • Select KCB M-PESA and Activate.

Features

  1. Loans

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.

In order to qualify for a loan, all you need is to be an M-PESA subscriber for 6 months, save on KCB M-PESA and actively use other Safaricom services such as voice, data and M-PESA.

To enquire how much you can borrow, go to KCB M-PESA, Loan, check Loan Limit.

You can 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 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.

  1. SAVINGS

There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They are;

  1. Fixed Savings Account
  2. 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 or 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.

Benefits

  1. Locked periods include 1 up to 12 months with the minimum amount of Kshs.500.
  2. 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.
  1. 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 or 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.

Benefits

  1. You top up continuously until you achieve your target.
  2. You can deposit money into the target account through: M-PESA or KCB M-PESA
  • You can choose from target periods of 1 up to 12 months with a minimum contribution of KES 50.
  1. You earn interest on cumulative interest.
  2. 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.
  3. 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.

KCB M-PESA limits;

  • You can deposit up to KES 150K into KCB M-PESA savings at a go.
  • You can withdraw up to KES 150K into KCB M-PESA savings at a go.

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