KCB M-Pesa is a loans and savings product exclusively offered by KCB Bank Kenya Ltd to Safaricom M-PESA customers. The service enables users to save as little as KSh. 1, and access credit from KSh. 100 payable within a month, making financial services accessible to a broader population.
The partnership between KCB and Safaricom represents a new frontier in the evolution of the mobile money journey for both institutions that will match up the best of what East Africa's most successful mobile operator and leading bank have to offer.
KCB M-Pesa Key Features and Benefits
Loan Services
- Loan Range: Access loan limits from as low as KSh.100 and up to KSh. 1 million
- Repayment Period: Enjoy a repayment period of one month
- Interest Rate: Charged a facility fee of 8.93%
- Instant Access: Loans are credited instantly to your M-PESA account
- Flexible Payment: Loan repayment can be made via M-PESA, or from the KCB M-PESA account
Savings Options
KCB M-Pesa offers two distinct savings products:
1. Fixed Savings Account
- Purpose: This account allows you to lock a specific amount of cash for a period of up to 12 months
- Minimum Amount: Minimum amount of Kshs.500
- Interest Rate: Earn attractive Interest rates of 6.3% p.a. on your savings
- Early Withdrawal: For Fixed Savings you forfeit the interest if you withdraw before maturity
- Duration: Locked periods include 1 up to 12 months
2. Target Savings Account
- Purpose: This account allows you to set a target and make deposits toward achieving that target
- Minimum Contribution: Minimum contribution of KSh 50
- Duration: You can choose from target periods of 1 up to 12 months
- Interest Rate: Enjoy attractive Interest rates of 6.3% p.a. on your savings
- Flexibility: Early withdrawal of funds from Target Savings is allowed subject to a withdrawal of the entire amount saved
- Interest on Early Withdrawal: For Target Savings you earn accrued interest up to the date of withdrawal
Additional Benefits
- No Paperwork: No forms to fill out, no branches to visit. Just one click on your phone and you have a savings account with access to instant loans!
- Free Transfers: Transfer money in and out of the KCB M-PESA Account for free
- Immediate Access: You get cash back immediately to your KCB M-PESA account on prompting cash back
Important Considerations and Limitations for Using KCB M-Pesa
Loan Access Issues
If you cannot access a KCB M-Pesa loan, possible reasons include:
- You have been listed with the Credit Reference Bureau
- You already have an existing KCB M-PESA loan
- You have a low credit rating
- Late repayment of a previous loan thus you have been blacklisted
Improving Loan Eligibility
To enhance your chances of loan approval:
- 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
Savings Account Opening
Opening is free. Upon successful opt-in, the minimum amount to begin saving is Kshs.50, thereafter you can save with any amount you desire.
For larger amounts, for savings exceeding Kshs. 500,000.00, a customer will be requested to visit any KCB branch to submit further documentation for identification purposes.
KCB M-Pesa Customer Support and Information
For assistance with KCB M-Pesa services, customers can access support through multiple channels:
- Call: 0711 087000 or 0732 187000
- WhatsApp: 0711 087087
- Visit the KCB Bank website www.kcbgroup.com or Safaricom website www.safaricom.co.ke
- Visit your nearest KCB Bank branch in Kenya
