Tuesday, September 28, 2021

CBA introduce mobile loan of Ksh 3 million

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Commercial Bank of Africa Group which is Kenya’s largest private owned bank has today upgraded it’s Loop mobile phone banking service to allow offering loans of up to Ksh 3 million.

This is largest loan amount offered in the country.

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Speaking on Thursday, they said Kenyan lenders are turning to technology in response to mobile based services sush as Safaricom’s M-Pesa service.

Excecutives in charge of banking and telecom said they are optimistic in the mobile loans as they have lower default rate of 10 percent.

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Introduced in March this year, Loop has not been able to offer loan services despite CBA partnership with Safaricom to offer M-Shwari service.

As at today mobile services banking apps of prominent banks in Kenya have been able to transact less compared to Safaricom’s M-Pesa service.

Slavian Mwangecho
Passionate blogger on a day to day activities happening in Kenya, Africa and around the world. A keen follower of the latest news making headlines around the world

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