KCB Mpesa Loan Penalties For Late Repayments
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KCB MPesa is a mobile loan service formed through a partnership between Kenya Commercial bank ( KCB ) and Safaricom’s mobile money service MPesa.
It is accessible from the SIM toolkit, as well as from the MySafaricom app.
KCB MPesa offers a minimum loan amount of Ksh 50 to a maximum amount of Ksh 1M with each loan increment being dependent on a variety of factors including account activity.
The loan attracts a fee rate of 7.5% with a repayment period of 30 days.
Failure to repay the loan upon due date will attract penalties as outlined in KCB MPesa’s Terms and Conditions.