Kenya’s largest privately owned bank, Commercial Bank of Africa (CBA) yesterday announced that it will start offering loans through Loop and one of the major changes is the fact that customers will now be able to access term loans of up to Kshs 3 million and overdraft of Kes. 100,000.
This makes Loop the only digital banking platform that can disburse such amounts without a visit to the bank and all the paperwork associated with traditional financial sector models.
Some key numbers:
-Number of registered customers- 29,000
-Highest number of e-commerce (online) transactions- An average count of 8,000 online transactions per month being payments for either Netflix Subscriptions, Online taxi services (Uber, Taxify), #LoveLoop
— CBA Loop (@CBALoop) July 25, 2018
CBA has also revised the tariffs offered through its revolutionary digital banking service and zero-rated some transaction charges, as more customers embrace the benefits of accessing financial services via mobile.
Speaking at the event launch yesterday, Eric Muriuki, General Manager of the New Business Ventures division at CBA said: “The advancements that we are introducing now are a product of feedback from our customers over the last one year, as well as proactive measures that recognize the growing importance of the mobile phone interface in the delivery of a wide range of customer focused services.”
Loop-to-Loop transactions, purchase of airtime, and payments through Safaricom’s Pay Bill and Buy Goods & Services will be free, while the transaction charges for Loop to M-PESA and ATM withdrawals have been reduced by 44% and 40% respectively.
Muriuki said, “The new transaction services, coupled with benefits such as the ability to track your expenses, set financial targets and make savings, now positioning Loop as the most dynamic digital banking service in the market today and the best tool to have for all your financial service needs.”
The bank has also introduced new services, a new user interface and shortened the Loop on boarding exercise making it possible for you to become a Loop user in less than five minutes.