Commercial Bank of Africa (CBA) will start offering loans through its digital banking service, Loop. Customers will be able to access term loans of up to Kes. 3 million and overdraft of Kes. 100,000, the highest amounts from a digital banking platform.
CBA has also revised the tariffs offered through its revolutionary digital banking service, Loop, and zero-rated some transaction charges, as more customers embrace the benefits of accessing financial services via mobile.
“The advancements that we are introducing now are a product of feedback from our customers over the last one year, as well as proactive measures that recognize the growing importance of the mobile phone interface in the delivery of a wide range of customer focused services,” said Eric Muriuki, General Manager of the New Business Ventures division at CBA.
Loop-to-Loop transactions, purchase of airtime, and payments through Safaricom’s Pay Bill and Buy Goods & Services will be free, while the transaction charges for Loop to M-PESA and ATM withdrawals have been reduced by 44% and 40% respectively.
Muriuki said, “The new transaction services, coupled with benefits such as the ability to track your expenses, set financial targets and make savings, now position Loop as the most dynamic digital banking service in the market today and the best tool to have for all your financial service needs.”
The bank has also introduced new services, a new user interface and shortened the Loop on boarding exercise making it possible for you to become a Loop user in less than five minutes.
Launched in March 2017, Loop has been marketed using the tagline “Unbank Yourself” as it eliminates the need for visiting a physical branch for any of the core banking services, which are offered through a mobile platform. It is anticipated that with the increased smartphone penetration and affordable data, more customers will embrace platforms such as Loop for their financial services.