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KCB M-PESA Account

The KCB M-PESA account is a virtual mobile based bank account that is offered exclusively to M-PESA registered customers allowing them to borrow micro loans between Kshs. 50 and Kshs. 1M and save on their mobile phones at highly competitive rates.
The savings offering includes:

  • Minimum saving of Kshs.1 and maximum saving of Kshs.1M.
  • Interest earned is up to 6% per annum.
  • Offers free deposit and withdrawal in an easy and convenient manner via M-PESA.

What does one require to get signed up on the service?

To activate KCB M-PESA Account, go to your M-PESA menu, Loans and Savings and KCB M-PESA.

Loan Features

  • 30 day loans at 6% per month
  • 90 days loans at 5% per month
  • 180 days loans at 4% per month

Savings Features

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

  • Fixed Savings Account
  • Target Savings Account

Fixed Savings Account

This Account allows you to lock a specific amount of cash for a certain period of time.

How does it work?

  • 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.
  • Upon early redemption of the funds, the customer forfeits all interest accrued.

Target Savings Account

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

How does it work?

  • You will top up continuously until you achieve your target.
  • The customer 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 will also earn interest on cumulative interest.
  • You are allowed up to 4 withdrawals within target lock period to maintain interest.
  • You will get cash back immediately to your KCB M-PESA account on prompting cash back.
  • Minimum target period is 1 month.
  • You benefit from exciting Interest rates of 1 month (3%), 3 months (4%), 6 months (5%) and 12 months (6%).

 

Fixed Deposit / Target Savings Period Interest P/A
1 Month 3%
3 Months 4%
6 Months 5%
12 Months 6%

 

Benefits of KCB M-PESA

    • Instant Loans

You are issued with a loan limit immediately on opting in to the service of up to Kshs. 1M.

    • Ease of use

Available on the M-PESA menu. Customers easily access their account using the M-PESA PIN.

    • Earn interest

Enables customers to save and earn interest at competitive rates.

What are the Charges?

  • Movement of money into and out of the KCB M-PESA Account from and to M-PESA is Free.
  • Balance enquiry is Kshs. 1.
  • Loan interests are charged as:
    • 30 day loans at 6% per month
    • 90 day loans at 5% per month
    • 180 day loans at 4% per month

FAQs

  • What is the KCB M-PESA Account Service?
  • What are the requirements to have a KCB M-PESA Account?
  • How does an existing M-PESA Customer Open a KCB M-PESA Account?
  • How can I deposit money into my KCB M-PESA Account?
  • How will I withdraw money from the KCB M-PESA Account?
  • What is the applicable interest rate on the savings account?
  • How will I qualify for a loan?
  • What are the applicable facility fees for a KCB M-PESA loan?
  • What is the minimum and maximum amount I can borrow?
  • How do I request for a KCB M-PESA loan?
  • How do you repay your KCB M-PESA loan via M-PESA or KCB M-PESA account?
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