KCB M-Pesa account holders reach a million

The newly launched mobile phone platform between Kenya Commercial Bank (KCB) and Safaricom has now recorded a million account holders. This is after a month of its launch. The account signed their 1 millionth customer this week with both firms indicating that the mobile financial product has in excess of Sh700 million since the launch, four weeks ago.

The product has been designed to enable customers move towards a cash-lite economy in East Africa. KCB has partnered with Safaricom to drive their financial inclusion agenda across the region.

“The one millionth customer is just a show of how this product is significant to our customers, the fact that one can borrow as low as Sh50 for bus fare says a lot. It is those little amounts that are making a difference in people’s lives showing how this innovation is driving financial inclusion,” said KCB Group CEO, Joshua Oigara.

On Monday this week, the total accounts opened stood at 1.3 million with an average loan size being Sh3,000. The account offers loans of a minimum of Sh50 and as much as Sh1 million with interest as low as two per cent. “Mobile banking has given consumers cheaper access to their finances, reducing the need to travel to our branches,” said Oigara.