NAIROBI, (CAJ News) – CUSTOMERS using the innovative mobile-phone based, miro credit and savings product, KCB M-PESA, have transacted over Sh7,8 billion (US$76,8 million) in loans a year since launch, thus significantly deepening financial inclusion in Kenya.
The joint initiative between Safaricom and KCB Group has recruited over 5,2 million customers in the period, with an average Sh660 million loans disbursed through the service on a monthly basis.
Joshua Oigara, Chief Executive Officer of KCB Group, said KCB M-PESA had revolutionalised lending and redefined banking.
“Accessing affordable credit has never been easier and faster than it is today because of this mobile phone technology allowing customers to borrow instantly. A year after we launched this product, we firmly stand at the epicenter of transforming the financial services sector in East Africa and beyond,” said Oigara.
Safaricom and the KCB Group’s joint partnership on KCB M-PESA merges the adaptability of the mobile money transfer platform M-PESA with reliable banking services from KCB, Kenya’s largest bank by assets.
Bob Collymore, CEO, Safaricom, said the joint initiative harnessed the transformative power of cross-industry partnerships.
“We believe that the mobile phone and M-PESA in particular have the ability to enhance financial inclusion service delivery to a broad set of customers who are demanding more flexibility as we enter the era of disruptive m-finance,” said Collymore.
– CAJ News