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.
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.
