How to sign up for KCB M-pesa account.

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Howto
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This is a mobile based account offered exclusively to M-PESA customers enabling you to:

  • Access loans at attractive low interest rates of 1.08% per month with a one off negotiation fee of 2.5%. The cost for the 1 month loan is 4.08% with excise duty applicable on negotiation fees.
  • Save for a fixed period of time (Fixed Deposit Account) or save a little at a time for a set period (Target Savings Account) and earn interest of up to 6.3% p.a.
  • Transfer money in and out of the KCB M-PESA Account for FREE.

Table of Contents

How to sign up

  • Access through the M-PESA menu > Select Loans and Savings > Select KCB M-PESA and Activate.

Features

1. LOANS
  • Upon activating the account, you will be issued with a loan limit from where you can borrow instantly. Loans issued are deposited into the KCB M-PESA Account.
  • You can access loan limits from as low as Kes. 50 and up to Kes. 1M.
  • Enjoy repayment period of one month.
  • Loan repayment can be made via M-PESA, or from the KCB M-PESA account.
How does it work?
  • Access the M-PESA menu.
  • Select Loans and Savings.
  • Select KCB M-PESA.
  • Select Loan.
  • Request Loan.
  • Enter amount.
  • Enter period (1).
  • Enter your M-PESA PIN
  • Loan amount will be sent to your KCB M-PESA Account less the interest, negotiation fee and excise duty which is deducted upfront.
  • To access, the loan, go to KCB M-PESA menu and select Withdraw to M-PESA.

2. SAVINGS

There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They are;

  • Fixed Savings Account
  • Target Savings Account
I. Fixed Savings Account

This account allows you to lock a specific amount of cash for a period of up to 12 months.

How does it work?
  • Access M-PESA menu.
  • Select Loans and Savings, KCB M-PESA
  • Select Fixed Savings Account
  • Select Fixed deposit.
  • Open Account
  • Select source of funds;
    • M-PESA
    • KCB M-PESA
  • Enter amount (amount needs to be Kes 1,000 and above)
  • Enter period (1, 3, 6 or 12 months)
  • Enter M-PESA PIN and confirm transaction
  • You will receive an M-PESA confirmation.

Benefits

  • 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 to KCB M-PESA account at close of business.
  • Earn attractive Interest rates of 6.65% p.a.

II. Target Savings Account

This account allows you to set a target and make deposits towards achieving that target.

How does it work?

  • Access M-PESA menu.
  • Select Loans and Savings, KCB M-PESA
  • Select Target Savings.
  • Open Account
  • Select source of funds;
    • M-PESA
    • KCB M-PESA
  • Enter target amount (Minimum Target Amount is KES 1,000.00)
  • Enter period (1, 3, 6 or 12 months)
  • Enter amount minimum Kes 50
  • Enter M-PESA PIN and confirm transaction
  • You will receive an M-PESA confirmation.

Benefits

  • You top up continuously until you achieve or exceed your target.
  • You can deposit money into the target account through:
    • M-PESA
    • KCB M-PESA
  • You can choose from target periods of 1, 3, 6 and 12 months with minimum contribution of Kshs.50.
  • You earn interest on cumulative interest.
  • You get cash back to your KCB M-PESA account at close of business.
  • Minimum target period is 1 month.
  • Enjoy attractive Interest rates of 6.65% p.a.

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