Tuesday, May 28, 2024

What is KCB M-PESA?

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Nyongesa Sande
Nyongesa Sandehttps://bizmart.africa
Nyongesa Sande is a Kenyan blogger, Pan Africanist,c olumnist Political Activist , blogger, informer & businesman who has interest in politics, governance, corporate fraud, human rights and television personality.

KCB M-PESA is a savings and loan service that enables M-PESA customers to save as little as KSh. 1, and access credit from KSh. 100 payable within a month. Save for a fixed period (Fixed Deposit Account) or save a little at a time for a set period (Target Savings Account) and earn interest. Earn interest of up to 6.3% p.a. on your saving balance.

Save for a fixed period (Fixed Deposit Account) or save a little at a time for a set period (Target Savings Account) and earn interest. Earn interest of up to 6.3% p.a. on your saving balance.

Access loans instantly, credited to your M-PESA account from a minimum of KSh 100 and up to KSh 1 million charged a facility fee of 8.85%.

No forms to fill out, no branches to visit. Just one click on your phone and you have a savings account with access to instant loans!

Transfer money in and out of the KCB M-PESA Account for free.

Eligibility

  • The customer will need to hold a Kenyan National ID and be registered using the same on M-PESA.
  • Customers registered using Passport numbers won’t be able to opt/activate KCB M-PESA. Such customers should visit the Safaricom shop with their original ID and passport so that the details of the ID are captured and amended from the passport details.
  • A registered Safaricom M-PESA customer.
  • Actively use other Safaricom services such as voice, data, and M-PESA.

Exemptions on Eligibility

  • KCB M-PESA will not allow multiple registrations using the same document ID.
  • Customers who are not more than 6 months old on M-PESA will be assigned a KCB M-PESA loan limit of zero.

What are the access channels?

Customers can access KCB M-PESA loans and saving services through the following channels.

  • M-PESA App
  • MySafaricom App
  • Safaricom Sim Toolkit (STK)
  • Dial USSD *334#

 How to sign up?

Customers can activate their KCB M-PESA account by following the steps below:

M-PESA App

  • Login to your M-PESA account
  • Select Grow on the navigation bar (bottom of the screen)
  • Select KCB M-PESA
  • Select Activate

MySafaricom App

  • Login to your MySafaricom App.
  • Click on M-PESA on the navigation bar (bottom of the screen).
  • Select Loans and savings.
  • Enter your M-PESA PIN.
  • Select KCB M-PESA.
  • Click on Activate

Safaricom Sim Toolkit (STK)

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

USSD Dial *334#

  • Dial *334#.
  • Select Loans and Savings.
  • Select KCB M-PESA.
  • Select Activate.

You are now all set to save and borrow with KCB M-PESA.

What are the loan features?

  • The KCB M-PESA loan account is a micro-credit product that gives you access to a loan; may it be for an emergency, or to fund a project or enterprise.
  • Access loan limits from as low as KSh.100 and up to KSh. 1 million
  • Enjoy a repayment period of one month.
  • Loan repayment can be made via M-PESA, or from the KCB M-PESA account.

How to qualify for a loan

  • Be an M-PESA subscriber for 6 months.
  • Save on KCB M-PESA
  • Actively use other Safaricom services such as voice, data, and M-PESA.

What about savings?

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

  • Fixed Savings Account
  • Target Savings Account

Fixed Savings Account

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

How does a fixed saving account work?

  • Locked periods include 1 up to 12 months with a minimum amount of Kshs.500.
  • Upon early or premature redemption, you will forfeit all interest accrued.
  • You get cash back immediately to your KCB M-PESA account on prompting cash back.
  • Earn attractive Interest rates of 6.3% p.a. on your savings.

Target Savings Account

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

How does a target saving account work?

  • You top up continuously until you achieve your target.
  • You can deposit money into the target account through M-PESA or KCB M-PESA
  • You can choose from target periods of 1 up to 12 months with a minimum contribution of KSh 50.
  • You earn interest on cumulative interest.
  • Early withdrawal of funds from Target Savings is allowed subject to a withdrawal of the entire amount saved. Total interest on savings will be earned on the day of the withdrawal.
  • You get cash back immediately to your KCB M-PESA account on prompting cash back.
  • The minimum target period is 1 month.
  • Enjoy attractive Interest rates of 6.3% p.a. on your savings.
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