Understanding KCB M-PESA Account
KCB M-PESA is a savings account that enables you to access instant loans up to Kshs. 1M upon dialing *844#.
The KCB M-PESA Account features include:
- Minimum saving of Kshs. 1 and maximum saving of Kshs. 1M
- Personal accident insurance benefit based on savings
- Interest on savings of 2% p.a.
You may load your savings easily and conveniently via M-PESA, KCB Mobi, Mtaani agent and/or branch and withdraw your KCB M-PESA account savings only via M-PESA.
You can borrow instantly without saving with disbursement being to KCB M-PESA Account Loan Limits (Kshs.100 to Kshs.500,000 with a top up option)
You can choose flexible repayment periods of 1 month, 3 months and 6 months via M-PESA, KCB M-PESA Account and Mobi/Branch/Mtaani with an option of Partial payments.
The interest on the loan include:
- 30 day loan at 4% per month (4%)
- 90 day loan at 3% per month (9%)
- 180 day loan at 2% per month (12%)
The KCB M-PESA Account Fixed Deposit accounts
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?
- You will not be able to top-up to the amount saved.
- 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
- You also get Life insurance benefit based on fixed deposit savings.
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 account is accessible with standing orders from M-PESA or KCB M-PESA Account
- 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
- You benefit from exciting Interest rates of 1 month (3%), 3 months (4%), 6 months (5%) and 12 months (6%)
With M-Shwari, you are also entitled to affordable emergency loans.
Watch this video to see how M-Shwari can improve your life.
M-Shwari is a paperless banking service offered through M-PESA. It will:
- Enable you open and operate an M-Shwari bank account through your mobile phone, via M-PESA, without having to visit banks or fill out any forms.
- Provide you the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge.
- Give you an opportunity to save as little as Ksh.1 and earn interest on your saving balance. This cash is moved into the savings account via M-PESA.
- Enable you to access micro credit product (loan) of a minimum of Ksh.100 any time and receive your loan instantly on your M-PESA account.
This is a product for everyone who feels that banking should be hassle-free. No forms to fill in, no branches to visit. Just one click on your phone and you have a savings account!
Now you can get going, Lainisha maisha na M-Shwari.
Lastly, I would like to mention that I prefer KCB M-PESA Account over M-Shwari simply because even after transacting with M-Shwari for over a year, my loan limit has reached Shs 1,500 ONLY. The KCB M-PESA Account however, even before I do any transaction on it, has already made me eligible for a Kshs 10,000 loan without security.