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According to the bank, the mobile application, which was launched at the end July 2018, has recorded an average of 50,000 transactions per month between August and November 2018/FILE

Kenya

Family Bank’s Pesapap surpasses Sh500mn mark in loans disbursed

According to the bank, the mobile application, which was launched at the end July 2018, has recorded an average of 50,000 transactions per month between August and November 2018/FILE

NAIROBI, Kenya, Nov 27 – Family Bank’s Pesapap has surpassed the Sh500 million mark in loans disbursed, to both its customers and non-customers within a three-month period.

According to the bank, the mobile application, which was launched at the end July 2018, has recorded an average of 50,000 transactions per month between August and November 2018.

The revamped PesaPap Wallet that also includes a savings and investment module registered over 44,000 new users in that same period.

“We want to drive financial inclusion through access to digital credit among other services. We are glad that both our customers and non-customers are taking advantage of our mobile application that offers a full-service mobile banking experience in the market as noted in the demand and uptake of PesaPap,” said Family Bank’s Head of Retail Nancy Njau.

According to a survey by FSD-Kenya, in partnership with the Central Bank of Kenya (CBK), Kenya National Bureau of Statistics (KNBS) and CGAP, more than one in four Kenyans has taken a digital loan with the most common reasons for digital borrowing among Kenyan adults being for business and day-to-day needs.

The use patterns do not differ much between men and women, but income sources seem to play an important role.

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