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KCB offers new online borrowing service

16 October 2013, 10:52

Nairobi - The Kenya Commercial Bank (KCB) has launched M-Benki services, which enables customers to borrow and save money online.

The offering will utilize Safaricom money transfer service commonly known as M-pesa.

“We hope to reach an estimated 10 million unbanked Kenyans and more people across East Africa," an official said.

KCB is the second bank to introduce the service after the Commercial Bank of Africa, which launched the M-shwari services that saw it elevated to become among the top five banks in the country with huge customer base.

Meanwhile, Safaricom indicated that the M-shwari service had over 2million customers.

Safaricom data further indicated that about 65 percent of M-shwari service subscribers were male and 46 percent were young Kenyans who deposited an average KES 1 000 and borrow loans of KES 1100.

- CAJ News


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