How To Get A Loan Through KCB Mpesa

This is a simple guide on how to get a loan through the KCB Mpesa service. KCB Mpesa is a joint initiative of KCB and Safaricom which was launched in March 2015 to provide loans at attractively low-interest rates. The service has been a major success since it’s launch, for instance, loans disbursed through the platform have doubled to Sh20 billion according to a recent report that was made by KCB Group Chief Executive Joshua Oigara.

KCB Mpesa loans have interest rates of 1.12% per month with a one-off negotiation fee of 2.5%. Transfer of money in and out of the KCB M-PESA Account is free which is a major attraction to the service. The cost for the one month loan is 3.62% with excise duty applicable on fees.

Requirements To Have a KCB MPesa Account

You only need to be a registered and active Safaricom M-PESA customer.

How to sign up on KCB Mpesa

1. Go to your Mpesa Menu

2. Select Loans and Savings

3. Select KCB M-PESA and Activate

How To Get A Loan Through KCB Mpesa

After activating your KCB Mpesa account, you will be issued with a loan limit from where you can borrow instantly. Loans issued are deposited into the KCB M-PESA Account. You can access loan limits from as low as Ksh 50 and up to Ksh 1M with a repayment period of 30 days.

It’s good to note that the loan that will be sent to your KCB M-PESA Account will be less the interest, negotiation fee and excise duty which are deducted upfront.

How to Withdraw Money from KCB Mpesa Account

To withdraw your loan to M-PESA follow the following steps.