Mobile loans KCB disbursed grew by 22.5 percent in the year ended December to Sh193 billion,
company disclosures show as more customers opt to conduct their transactions on digital channels.
The growth in mobile loans was an increase from the Sh157.6 billion the lender distributed in 2021.
The latest KCB annual report shows the tier-one lender’s customers used digital channels when borrowing from Fuliza,
KCB M-Pesa, KCB mobile loan and Kopa Float, which attributes to the increase in money expended.
“Besides KCB M-Pesa, KCB mobile loan, Fuliza and retailer financing, we also introduced Kopa Float to enable mobile money and our bank agents to access funds to meet their working capital needs.
Through these various mobile lending products, we disbursed Sh193 billion in 2022,” reads the KCB annual report.
KCB has not disclosed the number of its Fuliza customers but recorded increased borrowing on the Fuliza accounts it funds.
Moreover, with the loans disbursed rising to Sh124.4 billion last year from Sh96 billion in 2021.
The surge in loans distributed came amid a significant reduction in the fees charged on the platform which is a partnership between Safaricom and two banks — KCB Group and NCBA.
KCB M-Pesa is a savings and loan service that enables customers to save and access credit payable within a month.
Meanwhile, the disclosures show the bank distributed Sh432 million per day in 2021,
Sh18 million per hour and Sh5000 per second highlighting Kenyan’s deepening use of mobile banking.
“The proportion of transactions by number conducted through non-branch channels grew to an all-time high of 99% driven by internet banking, mobile banking, and merchants.”
