If you are looking for information on how to activate KCB Mpesa, then you will find this article very useful. Among the banks that are enabling people to access loans is KCB through its KCB Mpesa program. This is an account that is mobile based and can only be accessed by people who use Mpesa. Through it you can get access to loans with low-interest rates of 1.08% every month and 2.5% one off negotiation fee. If you take a one month loan, the cost is 4.08%. This includes the exercise duty that is applicable on fees. You can also save money for a fixed period or a short period of time in what is known as Fixed Deposit Account and Target Savings Account respectively.
By doing this, you can earn an interest of 6.3% or less per annum. Interestingly, transferring money from the KCB Mpesa account is free. Read through this article and be on the know.
How to activate KCB Mpesa on phone
To benefit from the KCB Mpesa program you must first activate your Mpesa account. This can be done through the mobile phone. Outlined below are the steps that should be followed when activating the KCB Mpesa account;
1. Access the Mpesa menu. You must be a Safaricom user.
2. Click on the loans and savings
3. Select the KCB Mpesa option and activate.
4. You are now good to go. These steps are easy to follow and this should not take a lot of time.
Now that you have activated the KCB Mpesa loan account, it is time you started using it to access loans. After activating it, you will be notified about the limited amount of loan that you can borrow immediately. This money that you access is then saved in your KCB Mpesa Account. You can access loans from ksh. 50 to 1 million, Remember, the amount of money you can borrow depends on the number of times you make KCB Mpesa deposit. The loan repayment period is one month and you can make the repayment through your KCB Mpesa account or Mpesa. Also, ensure to make the repayments on time so that the amount of loan continues to increase.
How to access KCB Mpesa soft loan
1. Go to the Mpesa menu on your phone
2. Click on the loans and Savings
3. Select the KCB Mpesa menu
4. Click on loan
5. Request the loan
6. Enter the amount of money that you want
7. Input your Mpesa PIN
8. The money will be sent to your KCB Mpesa account. Deductions on the interest, exercise duty and the negotiation fee will have been made.
9. You can now withdraw the money using the KCB Mpesa menu by clicking withdraw.
To benefit most from KCB Mpesa, you must be an active safaricom Mpesa user. Also, ensure to make the loan payments on time.
How to check KCB Mpesa loan limit
You can also check your loan limit easily by following the steps below
- Go to the Mpesa menu
- Click on the Loans and Savings option
- Click KCB Mpesa
- Select Loan.
- Request Check Loan Limit.
Saving with KCB Mpesa Account
Besides borrowing loans through this program, you can also make savings which can either be fixed or target. A Fixed Savings Account allows you lock the money for up to 12 months. This means that you cannot access the money until that period is over.
How to go about using a Fixed Savings Account
- Go to your Mpesa menu on your phone
- Click on Loans and Savings then KCB Mpesa
- Click Fixed Savings Account and select fixed deposit
- Open the Account
- Select source of funds which is either Mpesa or KCB Mpesa.
- Enter the amount you want to save. The amount must be more than Ksh. 500.
- Enter period you want the savings to be fixed. It can be 1, 3, 6 or 12 months.
- Input your Mpesa PIN and confirm the transaction
- You will be notified through Mpesa confirmation.
A Fixed Savings Account has several benefits such as earning interest at the rates of 6.3% per annum. It is also flexible in that you can choose the number of months that you want the money to be saved.
How to go about using a Target Savings Account
This account acts as a personal financial goal setting strategy. You set a target and then work towards meeting it. The process of accessing and using it is similar to that of a Fixed Savings Account, only that you select Target Savings Account. The deposit you put must also be more than Kshs. 500.
You can deposit money from your Mpesa account, KCB Mpesa account or standing orders from KCB Mpesa. Interestingly, you can make contributions from as low as Ksh. 50 until you reach your target. You also earn an interest at rates of 6.3% per annum