KCB MPesa: How to Activate, Save Money and Apply for Loan

by | Feb 14, 2023 | BUSINESS | 0 comments

KCB MPesa is a mobile money-saving and lending service by Kenya Commercial Bank. It offers a 6.3% interest rate on savings as low as 50 shillings while allowing deposits and withdrawals of up to Ksh. 150,000. Additionally, saving more on KCB MPesa can increase your loan credit limit.

When you choose to save with KCB MPesa (dubbed Weka Weka), you can either save in the fixed deposit account or the target savings account.

See also: How to Become a KCB Agent and Commission Earned

How to Activate KCB MPesa on Your Phone

In order to save and borrow money with KCB M-Pesa, you need to sign up and activate KCB M-Pesa services on your mobile phone. Follow these simple steps to get you going:

  1. Go to M-Pesa Menu
  2. Select Loans and Savings
  3. Next, select KCB M-PESA
  4. Finally, click on Activate.

How to Apply for KCB MPesa Loan

KCB M-Pesa open savings account and borrow loan

KCB MPesa allows you to borrow from as low as Ksh. 1,000 up to Ksh. 1 Million, depending on your loan limit. The loan is repayable in 1 month and is charged at a one-off interest rate of 8.64%, paid together with the loan.

In order to qualify for a KCB MPesa loan, you need to have been an M-PESA subscriber for at least 6 months, save on KCB M-PESA and actively use other Safaricom services such as voice, data and M-PESA.

Read Also:   How to Send Money from MPesa to Airtel Money and other Networks

To check your loan limit, go to KCB M-PESA and select Loan, then Check Loan Limit.

To apply for a KCB MPesa loan follow the steps:

  1. From the M-PESA menu, select Loans and Savings
  2. Select KCB M-PESA
  3. Next, select Loan
  4. Choose the option, Request Loan
  5. Then, Enter the amount you wish to borrow, equal to or less than your loan limit
  6. Enter your M-PESA PIN and send

You will receive a message from KCB Mpesa confirming the loan transaction.

Your loan amount will be sent to your KCB M-PESA Account. To access the loan, withdraw the money to your M-Pesa at no cost.

The loan amount to be paid will be inclusive of the facility fee of 7.35%.

How to Repay KCB MPesa Loan

You need to repay your KCB M-Pesa loan before the loan period is over in order to increase your loan limit and avoid being listed on CRB.

However, if the loan term ends before repaying, KCB M-Pesa will roll over the loan to an additional 1 month at an extra fee of 7.35%.

You do not require a paybill number to repay a KCB M-Pesa loan. To repay your loan:

  1. Go to the M-Pesa menu and select Loans and Savings, then KCB M-PESA
  2. Next, select Loan
  3. Select Pay Loan
  4. Choose whether to pay From M-Pesa or From KCB M-Pesa savings account
  5. Enter the Amount
  6. Enter your M-Pesa PIN and press OK
  7. You will receive a text message confirming a successful transaction and the status of your loan.
Read Also:   How to Register and Apply for Airtel Money Loan

Save (Weka Weka) with KCB M-Pesa Savings Accounts

Here are the KCB M-Pesa savings account available for your financial saving journey:

1. Fixed Savings Account

You can lock your savings for a period of between 1 month to 12 months and earn interest at a rate of 6.3% p.a. on accumulated savings.

You will lose all the interest acquired on your savings if you withdraw your money before the fixed term has ended.

To open a fixed savings account, you will require to deposit a minimum account opening balance of Ksh. 500.

Here are the steps to follow when opening a KCB M-Pesa fixed deposit account:

  • From the M-PESA menu select Loans and Savings
  • Select KCB M-PESA
  • Now, select Fixed Savings Account
  • Next, select Fixed Deposit
  • Choose the option, Open Account
  • Select the source of funds; M-PESA or KCB M-PESA
  • Enter amount (a minimum of Ksh. 500)
  • Enter a period between 1 to 12 months
  • Enter your M-PESA PIN and confirm the transaction
  • You will receive an M-PESA transaction confirmation message.

2. KCB M-Pesa Target Savings Account

With this account type, you set your target and time period and then keep saving  (as little as Ksh. 50) until you achieve your target.

Follow these simple steps to set up KCB M-Pesa Target Savings Account:

  • Select Loans and Savings from your M-PESA menu
  • Select KCB M-PESA
  • Select Fixed Savings
  • Next, select option, Target Savings Account
  • Select Open Account, then the source of funds
  • Enter the Target amount you intend to save for the period (target should be more than Ksh. 1000)
  • Enter a period from 1 to 12 months
  • Enter deposit amount you want to start with (not less than Ksh. 50)
  • Enter your M-PESA PIN and confirm the transaction
  • You will receive an M-PESA confirmation message.
Read Also:   Fuliza ya Biashara, Activate and Daily Charges

Also Read:

  1. List of KCB Bank Branches in Kenya and Their Contacts
  2. NCBA Bank Branches and Their Location
  3. List of Mobile Loan Apps in Kenya and their Interest Rates

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