Co-op Bank leads in mobile-based lending with Kes 8.7 billion loans given to Kenyans so far

If you haven’t downloaded the MCo-op Cash app then you are still in stone age because the rest of Kenyans are getting instant mobile loans.

The Co-operative Bank through its Mco-op Cash app has issued cumulative loans worth Kes 8.7 billion since the app was launched in August 2014.

“The mobile loans are both affordable and delivery is real-time, and accessible via mobile phones. We are focused primarily on offering advances for our salaried customers and top-up loans for our business customers with other loan facilities,” Co-op Bank group chief executive Gideon Muriuki said.

The CEO said the number of mobile loans Co-op Bank is processing daily doubled in the past year to 1,000 bids in the period to June 2017 highlighting Kenya’s growing uptake of mobile-based lending.

Mr. Muriuki attributed this to the ease and convenience of getting credit via the MCo-op Cash mobile app that has seen the average loan size on the platform grow to Kes 19,000 from Kes 12,800 in the half-year to June 2016.

MCo-op Cash’s mobile loans are charged the capped interest rate of 14 per cent per annum, or1.16 per cent per month with no additional charges.

MCo-op Cash, which has 3.3 million registered users, saw its current loan book nearly triple to Kes 860 million as at June 2017 compared to Kes 290 million the previous year.

Besides offering quick and cheapest loans, MCo-op Cash app is also used for withdrawing cash at any Co-op ATM or Co-op Kwa Jirani, Sending money to Mpesa, transferring money to any bank account, buying KPLC tokens, paying for City council parking, paying to Mpesa till or paybill number etc.