KCB M-PESA

What is it?

This is a mobile based account offered exclusively to M-PESA customers enabling you to:

  • Access loans at attractive low interest rates of 1.16% per month with a one off negotiation fee of 2.5%. The cost for the one month loan is 3.66% with excise duty applicable on fees.
  • Save for a fixed period of time (Fixed Deposit Account) or save a little at a time for a set period (Target Savings Account) and earn interest of up to 7% p.a.
  • Transfer money in and out of the KCB M-PESA Account for FREE.

How to sign up

  • Access through the M-PESA menu
  • Select Loans and Savings
  • Select KCB M-PESA and Activate.

Features

1. Loans

  • Upon activating the 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 Kes. 50 and up to Kes. 1M.
  • Enjoy repayment periods of 30 days.
  • Loan repayment can be made via M-PESA or from the KCB M-PESA account.

How does it work?

  • Access the M-PESA menu.
  • Select Loans and Savings.
  • Select KCB M-PESA.
  • Select Loan.
  • Request Loan.
  • Enter amount.
  • Enter your M-PESA PIN
  • Loan amount will be sent to your KCB M-PESA Account less the interest, negotiation fee and excise duty which is deducted upfront.
  • To access, the loan, go to KCB M-PESA menu and select Withdraw to M-PESA.

2. Savings

There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They include;

Fixed Savings Account

This account allows you to lock a specific amount of cash for a period of up to 12 months.

How does it work?

  • Access M-PESA menu
  • Select Loans and Savings, KCB M-PESA
  • Select Fixed Savings Account
  • Select Fixed deposit
  • Open Account
  • Select source of funds;
    • M-PESA
    • KCB M-PESA
  • Enter amount (amount needs to be more than KES 500)
  • Enter period (1, 3, 6 or 12 months)
  • Enter M-PESA PIN and confirm transaction
  • You will receive an M-PESA confirmation.

Benefits

  • Locked periods include 1, 3, 6, and 12 months with minimum amount of Kshs.500.
  • Upon early or premature redemption, you will forfeit all interest accrued.
  • You get cash back immediately to KCB M-PESA account on prompting cash back.
  • Earn attractive Interest rates of 7% p.a on your savings.

Target Savings Account

This account allows you to set a target and make deposits towards achieving that target.

How does it work?

  • Access M-PESA menu.
  • Select Loans and Savings, KCB M-PESA
  • Select Target Savings.
  • Open Account
  • Open Account
  • Select source of funds;
    • M-PESA
    • KCB M-PESA
  • Enter amount (amount needs to be more than Kes 500)
  • Enter period (1, 3, 6 or 12 months)
  • Enter M-PESA PIN and confirm transaction
  • You will receive an M-PESA confirmation.

Benefits

  • You top up continuously until you achieve your target.
  • You can deposit money into the target account through:
    • M-PESA
    • KCB M-PESA
    • Standing orders from KCB M-PESA
  • You can choose from target periods of 1, 3, 6 and 12 months with minimum contribution of Kshs.50.
  • You earn interest on cumulative interest.
  • You are allowed up to 4 withdrawals within target lock period to maintain interest.
  • You get cash back immediately to your KCB M-PESA account on prompting cash back.
  • Minimum target period is 1 month.
  • Enjoy attractive Interest rates of 7% p.a on your savings.

Frequently Asked Questions

What are the requirements to have a KCB M-PESA Account?

  • Be a registered and active Safaricom M-PESA customer.

What are the interest rates on loans?

  • 1.16% per month with a one off negotiation fee of 2.5%. The cost for the one month loan is 3.66% with excise duty applicable on fees.

How do I check my loan limit?

  • Access the M-PESA menu.
  • Select Loans and Savings.
  • Select KCB M-PESA.
  • Select Loan.
  • Request Check Loan Limit.

How do i get a loan from KCB M-PESA Account?

  • Access the M-PESA menu.
  • Select Loans and Savings.
  • Select KCB M-PESA.
  • Select Loan.
  • Request Loan.
  • Enter amount.
  • Enter your M-PESA PIN
  • Loan amount will be sent into your KCB M-PESA Account less the interest charged which is deducted upfront.
  • To access, the loan, go to KCB M-PESA menu and select Withdraw to M-PESA.

How do I pay my KCB M-PESA Loan?

  • Access the M-PESA menu.
  • Select Loans and Savings.
  • Select KCB M-PESA.
  • Select Pay Loan.
  • You can pay from M-PESA or from your KCB M-PESA Account.

I cannot access a KCB M-PESA loan. What are some of the reasons for this?

  • You have been listed with the Credit Reference Bureau.
  • You already have an existing KCB M-PESA loan.
  • You have a low credit rating.

How do I grow my loan limit?

  • Increase activity on your KCB M-PESA Account by moving money in and out of your Account.
  • Increase savings on your KCB M-PESA Account.
  • Increase usage of M-PESA services.

How do I deposit or withdraw money into or out of the KCB M-PESA Account?

Money in and out of the KCB M-PESA Account is ONLY available through M-PESA.

  • To deposit from M-PESA
    • Access the KCB M-PESA menu.
    • Select Deposit from M-PESA.
    • Your M-PESA will be deducted and your KCB M-PESA Account credited with the amount.
  • To withdraw to M-PESA
    • Access the KCB M-PESA menu
    • Select Withdraw to M-PESA
    • Your KCB M-PESA Account will be deducted and your M-PESA Account credited with the amount.

How do I check my account balance?

  • Access the KCB M-PESA menu
  • Select My Account
  • You can check your account balance or request for a Mini Statement.

 

KCB M-PESA TERMS AND CONDITIONS

 



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