KCB and Safaricom launch mobile banking product

KCB and Safaricom launch mobile banking product The amount, which customers can borrow, will be determined by their M-Pesa balance, and their savings on both Safaricom and KCB platforms.. (Image source: Emil Sjöblom/Flickr)East Africa’s largest banking group Kenya Commercial Bank (KCB) has partnered with Safaricom to create a new M-Pesa account for Kenyan customers

The account will allow customers using the platform to save and borrow up to US$10,000 instantly using their mobile phones.

KCB CEO Joshua Oigara said, “This product is a crucial answer to our country’s effort to empower millions of Kenyans by availing credit conveniently through their mobile phones.”

The amount, which customers can borrow, will be determined by their M-Pesa balance, and their savings on both Safaricom and KCB platforms.

Safaricom CEO Bob Collymore added, “Mobile technology has greatly transformed our lifestyles in the 21st century. It is increasingly making it more convenient for customers to pay utility bills, withdraw or deposit money in their bank accounts as well as borrow by the click of a button.”

With more than 12.8mn customers, the M-Pesa platform is the largest single contributor towards tackling the issue of financial inclusion in Kenya, Collymore noted.

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