KCB mpesa how apply for a loan, make savings and deposit
KCB mpesa banking service is a savings and loan service partnership between KCB and Safaricoms Mpesa. It gives users mpesa loans, savings, and other services. It enables mobile users in Kenya to save anything from 50 Ksh upward. Savings on KCB mpesa earns interest of up to 6.65% on the money saved.
Gone are the days where to open a bank account, you needed to step into a physical banking hall. With the introduction of services such as KCB mpesa, you can open an account conveniently from your phone. In addition to that, you will be able to access loans, savings features, and money deposit functions. All this is through safaricom mpesa.
This service by KCB enables you to save for a fixed period of time using the Fixed savings account, you can earn interest on the saving balance of up to 70% of the central bank rate. It also offers access to loans instantly that are sent directly to your mpesa.
KCB mpesa loan interest rate is referred to as a facility fee that is 7.5% on the amount you have borrowed. The loan offered by does not require you to fill any physical forms or visit a branch. You quickly and conveniently access the loan directly from your phone through the mpesa menu.
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How to sign up and open a KCB mpesa account
The KCB mpesa loan is offered through the mpesa menu. For you to open an account, follow the steps below:
- Open the mpesa menu.
- Select loans and savings option.
- Next, select KCB mpesa
- Press the activate option.
KCB m-pesa Loans:
The most popular feature with users of the KCB mpesa account is the quick mpesa loans it offers. To apply for this loan, you don’t need to install any application or fill any forms.
Loans offered can be used for a cash emergency or to fund a sudden expense. here is how you qualify for a mpesa loan on KCB mpesa.
How to apply for an KCB Mpesa loan:
- Open the mpesa menu on your phone.
- Select loans and savings
- select m-shwari
- Next, select loan.
- Choose request loan
- Now, enter the amount you want to borrow. (make sure the amount is within your loan limit )
- next, enter your m-pesa PIN
- Wait for the loan amount to be sent to your m-pesa account.
Qualifying for a loan:
- Be an mpesa subscriber for 6 months.
- Actively use other safaricom services like voice, data and sms.
- Save on the KCB mpesa service. (Although this is not a must. )
How to check how much you qualify for on KCB mpesa (check your loan limit.)
- Open mpesa
- Select loans and savings
- Go to KCB mpesa
- Select loan
- Press the check loan limit options.
KCB mpesa loan limits start from a minimum of Ksh 100 up to a maximum of Ksh 50,000. Amongst m-pesa cash lending platforms and instant loans in Kenya, KCB mpesa just like mshwari has one of the largest limits.
How long is the KCB mpesa loan repayment time? The loan facility allows you a repayment period of one month i.e. 30 days. To repay your loan, you can do it through m-pesa. Just follow the steps below.
How to repay your loan
You can repay your KCB mpesa loan in two main ways. Payback the loan directly from your KCB mpesa acount or repay the loan using mpesa paybill 522559.
Lets start with how to repay your KCB mpesa loan from the account. Follow these steps.
Pay KCB mpesa loan from KCB mpesa account
Follow the steps below:
- Open the mpesa menu
- Select loans and savings
- Choose KCB mpesa.
- Select pay loan.
- Confirm amount and press okay.
This is by far the easiest and most straight forward way to repay your loan.
Pay KCB mpesa loan using paybill number
Repay your KCB mpesa loan using paybill no 522559 follow the steps below.
- open mpesa on your phone.
- Select Lipa na mpesa on your mpesa menu.
- Choose Paybill option
- Enter business number 522559
- Account number enter your phone number 07** *** ***
- Input amount to pay
- Key in your mpesa PIN and press OK
Mpesa will send you a message confirming that the transaction is complete. Paying for your loan through the mpesa paybill number takes longer to register. The process may take up to 48 hours for loan repayment to be updated.
Savings:
KCB mpesa offers two types of fixed deposit accounts:
- Fixed savings account
- Target Savings account
Fixed savings account by KCB mpesa:
This type of account allows you to lock a specific amount of cash for a period of up to 12 months.
So, how do you activate the KCB mpesa fixed savings account? Follow the steps below:
How to activate the KCB mpesa fixed savings account
- Open the M-PESA menu
- Select Loans and Savings
- Next, Select KCB M-PESA
- Choose Fixed Savings Account
- Select Fixed deposit
- Press Open Account
- Select the source of funds;either M-PESA or KCB M-PESA
- Enter amount (amount needs to be more than KES 500)
- Next, Enter period (1, 3, 6 or 12 months)
- Enter M-PESA PIN and confirm the transaction
Once you complete this process, you will receive an M-PESA confirmation for the transaction. Now you have an active fixed savings account.
Benefits of a fixed savings account:
- There is a variety of flexible periods starting from 1, 2, 3, 6 and 12 months.
- It requires a very small amount to start only 500 Ksh.
- The fixed savings account has an attractive interest rate of 6.3%
- Cash withdrawn after maturity is paid immediately to your KCB m-pesa account when you prompt a cash back.
- It encourages people to save because premature redemption leads to forfeiting of all interest accrued.
Target savings account
The target savings account by KCB mpesa, as the name suggests, helps you to set a target and make deposits towards reaching your set goal financially.
How to activate the KCB mpesa target savings account:
- Open your M-PESA menu
- Select Loans and Savings
- Next, Select KCB M-PESA
- Then, Select Fixed Savings
- Select Target Savings Account
- Now, Select Open Account
- Select source of funds; either M-PESA or KCB M-PESA
- Enter Target amount you intend to save for the period (amount needs to be more than KES 1000)
- Next, Enter period (1, 3, 6 or 12 months)
- Enter initial deposit amount (not less than KES 50)
- Then, Enter M-PESA PIN and confirm transaction
When you complete this process successfully, you will receive an M-PESA confirmation.
Benefits of a Target savings account:
- Multiple ways of depositing money to your account either through mpesa or KCB mpesa.
- Variety in choosing your target 1, 2, 3, 6 or 12 months.
- Low minimum contribution of Ksh 50.
- Interest is earned on cumulative interest.
- Easy withdrawal of funds from Target savings account.
- Total interest on savings will be earned to the day of the withdrawal.
- Has very attractive interest rates of 6.3%.
KCB mpesa contacts: Telephone number, customer care, email address and location
Do you need to quickly get intouch and contact KCB mpesa customer service? Then below find how you can do that easily through either SMS, phone number and email address.
KCB Mpesa phone number:
The telephone number to use is +254 20 3270000. This number will help you get intouch with KCB cutomer care.
Other mobile numbers you can user are;
mobile number: 0711 087000
mobile number: 0732187000
KCB mpesa email address
Do you require to send an email address directly to KCB mpesa, then here is the emil address to use to reach customer care.
email address: [email protected]
KCB mpesa SMS number
Maybe you prefer contacting the KCB mpesa customer care through SMS. Then, below find the KCB short SMS number.
SMS number: 22522
To find out more about the charges and costs for SMS using this number 22522, see this detailed KCB Mpesa FAQ.
KCB mpesa whatsapp number
The good thing is that KCB has offered it’s clients many ways to contact their customer service team. You can get intouch with KCB mpesa on whatsapp using the number below.
WhatsApp number: 0711087087
Note: Make sure you have the whatsApp installed on your phone and also that you have enough data bundles to send chats.
KCB mpesa social media
To get intouch with customer care for KCB, you can also use their social media handles on the major platforms facebook and twitter. These are the official social media handles for KCB group.
Twitter: @KCBgroup
Facebook: kcbgroup
However, the hashtage #KCBmpesa can also be used to be specific that the issue you are reaching to them about is about their mpesa loan service.
