The KCB M-PESA account is a virtual mobile based bank account that is offered exclusively to M-PESA registered customers allowing them to borrow small loans between Kshs.50 and Kshs.1M depending on the customer’s credit scoring.
It is also used as a savings account at highly competitive rates. Safaricom Plc and KCB Bank are the companies that are behind this venture that allows their customers to save and borrow money at their convenience by simply using their phones.
The saving account helps one grow their money easily at interest rates of over 6%.
How to save?
- Go to the M-PESA menu
- Select Loans and savings
- Select KCB-MPESA
- Select Open Target Savings Account
Where do you save?
There are two types of account for savings;
This account allows you to set a target and make deposits towards achieving that target.
This account allows you to lock a specific amount of cash for a period of up to 12 months.