KCB increases interest on mobile loans

A person uses the M-Pesa money transfer service. PHOTO | FILE | NATION MEDIA GROUP

What you need to know:

  • Mobile loans are among the most popular innovations offered by banks and saccos.
  • Pioneer mobile lender CBA’s Mshwari charges a 7.5 per cent interest,

Kenyans seeking instant mobile loans from Kenya Commercial Bank (KCB) should brace for higher charges after the bank increased the KCB M-Pesa rate to 7.5 per cent from 4.08 per cent.

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