M-Pesa Customers to Receive Loans of Upto KSh.1 Million

M-Pesa Customers to Receive Loans of Upto KSh.1 Million
Good news if you are an M-Pesa customer, a new partnership between Safaricom and the Kenya Commercial Bank (KCB) now means that the teleco’s customers on M-Pesa will now be able to receive loans from as little as Sh.50 to as much as Sh.1 million.

This is certainly not the first time Safaricom has partnered with a bank to launch a product. M-Shwari a product offered by the teleco in partnership with the Commercial Bank of Africa (CBA) already has a landmark 10 million customers and offers customers loans from a minimum Sh.100 and a maximum dependant on the customers loan limit.

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However while M-Shwari charges an interest rate of 7.5 percent the new product by Safaricom and KCB will only charge customers an interest of 2 percent per month and perhaps may intensify competition between the two products.

Last year alone, Kenyans paid bills worth Sh1 billion through M-Pesa to KCB, deposited Sh59 billion and withdrew a total of Sh66 billion thus justifying the feasibility of this product.

Meanwhile Safaricom and KCB competitor, Equity Bank, yesterday announced that it had made an 18 percent profit in their last business year.

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