NAIROBI, Kenya, July 26 – Commercial Bank of Africa (CBA) has announced that it will start offering loans through its revolutionary digital banking service, Loop.
Customers will be able to access term loans of up to Sh3 million payable in 3 years and overdrafts of up to Sh100,000.
The digital banking platform will leverage customer data to disburse loans doing away with the mandatory visit to the bank and documentation associated with traditional financial sector models.
CBA has also revised the tariffs offered through this service, and zero-rated some transaction charges, as more customers embrace the benefits of accessing financial services via mobile.
“In the past, banks were designed for transactions and approval processes, not for experiences. This is our fundamental change. We have redesigned the app from scratch to give a more frictionless experience to help customers manage their money in a much more rewarding way,” said Eric Muriuki, General Manager of the New Business Ventures division at CBA.
Loop-to-Loop transactions and purchase of airtime will be free, payments through Safaricom’s Pay Bill and Buy Goods will attract no additional bank charges, while the transaction charges for Loop to M-PESA and ATM withdrawals have been reduced by 44pc and 40pc respectively.
The team has also revised the propositions onboarding process making it possible for you to become a Loop user in less than four minutes.
“Customers will also have the benefit of tracking expenses, setting financial targets and making savings,” adds Muriuki.
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