At the launch of M-Benki we ran an article comparing M-Benki with M-Shwari and also touched a bit on M-Kesho. Since M-Benki is the newest in the market, we have now compiled all the information on B-Benki that you need to know. Enjoy.
1. What is M-Benki
M-Benki is the latest product by KCB that takes mobile banking to a new level. Until now mobile banking has been allowing bank account holders to operate limited transactions like buying airtime, checking account balance, transferring funds, and getting mini statements via specified USSD codes. M-Benki takes these services to the next level by allowing anyone with a mobile phone that has M-PESA to open a bank account with KCB without visiting a bank branch. M-Benki also enables you to borrow, deposit, and withdraw funds from the comfort of your home. In essence, M-Benki account is a normal account with an account number that can also operate through any KCB bank branch or KCB agents.
2. How to open M-Benki Account
To open an account, you will follow these steps as provided at KCB M-Benki link
- Go to MPESA Menu,
- Payment Services, Pay Bill Option, Enter Business No. 522522
- Enter Account, type ID (No Spaces) and your National ID Number e.g. ID23456789
- Enter amount to deposit, then your MPESA PIN
- You will receive two SMS’s. One with your M-Benki Account Number and the other with your User ID and PIN.
- Access the account through *522# and enjoy all KCB Mobi Bank services.
3. What you can do with M-Benki
After opening an M-Benki account, you can deposit money from M-PESA to M-Benki, deposit by vising a KCB branch or through a KCB Agent. All deposits are not charged. Deposits from M-PESA to M-Benki will follow the procedure above for opening an account. However, now you will enter the M-Benki account number that you were provided with after opening the account and not the ID number as was used during the account opening.
Other transactions that you are able to perform including checking account balance, obtaining mini statements, funds transfer to any bank account including M-PESA number, buy airtime, and borrow loans (see below.)
4. M-Benki Loans Facilities
Currently one is not able to borrow loans directly from their mobile phones as KCB is working on this product. However M-Benki account is a standard KCB account that offers up to 2% interest on savings. After operating M-Benki account for a period of three months one will qualify to apply for a loan normally. Once the loan facility for the mobile platform has been launched, we will up date you on the terms and conditions accordingly.
5. Account restrictions
To fight against possibility of money laundering and related crimes, KCB has imposed restrictions on M-Benki Accounts as follows:
- Cheque Deposits
- SWIFT, EFT’s , RTGS
- Maximum daily transaction limit, KShs 140,000/=
However one can remove the restrictions by visiting a nearby KCB branch with a copy of ID and complete an account update form.