MOBILE LOANS - KCB TO MPESA LOAN PROGRAMME

KCB to MPESA is a product of Kenya Commercial Bank in cooperation with Safaricom to enable registered MPESA users access loans from their mobile phones. Prior to this MPESA users were already accessing Micro loans from Safaricom through Safaricom product known as M-SHWARI.

MSHWARI enabled registered MPESA users to access loans payable within 30days with an interest rate of  7.5 percent or 7.5 Shillings for every 100 shillings borrowed meaning if an MPESA user borrowed 1000 Kenya Shillings, he/she would return the 1000 (Principle Amount) with an interest rate of Shs.7.5 per every 100 shilling borrowed. So with KES1000/= borrowed, Safaricom expects their money to grow to 1075 within 30days.

If you add another KES27 charged when you withdraw the money from an MPESA Agent, You end up paying 1102/= Shilling amounting to slightly 10 percent of the principle amount(The 1000/= Bob you borrowed).

Failure to pay the borrowed amount in time together with the imposed interest rate would amount to penalty where as the borrower your MSHWARI loan would accrue a penalty similar to the interest rate imposed per every 30 days of default.

Since the MSHWARI loan is advanced to you without any security, the interest rate is somewhat favourable and within limits of ordinary mwananchi though more needs to be done to enhance the programme to allow for longer payment period and low interest rate.

That said let  me take you back to the main topic - The KCB MPESA programme. The KCB MPESA system allows registered MPESA users to access soft loans from Kenya Commercial Bank. The programme also facilitates SAVINGS account (As a registered MPESA user you can send money from your MPESA account into your KCB account, Withdraw and also get unsecured loan payable within periods of 1, 3 and 6 months respectively.

To access KCB MPESA Loan dial *844# from your Safaricom line and follow prompts. The KCB MPESA will ask you to set your new PIN and once through with setting your PIN, You will receive a message detailing the loan amount you are eligible to get. You can get access to the cash immediately or later. The choice is yours. Once you account is active, you can request loan anytime of the day (24hrs).

NB: Your loan amount is increased every time you successfully completes they LOAN cycle, meaning you pay your loan in time. This is true about MSHWARI and KCB MPESA.

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Fixed deposit rates in Kenya

Where does the Fixed deposit rate in Kenya stands

Fixed deposit rates in Kenya is a subject that has been abused by commercial banks in Kenya but with the emerging mobile money technology, commercial banks in Kenya may learn the lesson the hard way.

From high interest rates from loans to high mortgage rates, the banks in Kenya have not learned how best to appreciate the contribution of their clients.

One day I walked into co-op bank and found this customer care lady who actually had difficulty explaining to me how much interest a fixed deposit account yields per annum.  She was actually in hurry to know if I had the money right away to deposit without first feeding me with enough information I could use to make decision on how I was going to invest.

Simply put commercial banks in Kenya have been acting like life sucking bugs sucking life out of their potential clients. Without adequate information in the public domain about their services and benefits of the services they offer, these banking institutions are profit oriented than service.

The interest rate you will get for your fixed deposit investment is probably shameful even to talk about.

I was shocked when the lady at the customer care, out of difficulty told me that her bank would give me a 2.5% interest per annum. 2.5 percent? What are you people talking us for, I thought for a while before telling her that the amount was too low.

Well, she told me even without looking at me that the money you invest in a fixed deposit account is the money you don’t need for the time being and they are just helping you keep it.

When I walked into that bank, even though I had no money to put into a fixed deposit account, I hoped to be treated with fairness which would mean that at least I am given something printed on a hard copy like a brochure detailing how the fixed deposit account work.

You can’t just dump money into a bank in the name of fixed deposit account or any other account type because of a word of mouth from customer case personnel which may change in due course without notice.

pay exam fees with cooperative

Paying Knec Exam fees - Co-operative bank

Co-operative bank account numbers for KNEC. The bank account numbers below are for Heads of Schools and Colleges both public and private.  Use the bank account numbers to deposit examination fees into the Kenya National Examination Council (KNEC) accounts. This can be done on any co-op branch countrywide.

KNEC - KCPE Exam.................................................01136030120303
KNEC - KCSE Exam.................................................01136030120304
KNEC - Business Exam...........................................01136030120305
KNEC - Technical Exam..........................................01136030120306
KNEC - Other Exams................................................01136030120308

if in doubt you can alway email the Customer Service Desk : customerservice@co-opbank.co.ke