KCB Bank Rwanda has launched its Mobiloan platform, which enables its customers to apply for and receive loans instantly. It’s the first such service in the country.
The launch follows a test phase of the 24-hour self-service mobile loan service that had been running since June this year.
“We are currently in an era where digitalization is key for product efficiency. Customers today are looking for convenience in all areas of service delivery, and this new mobile technology is therefore essential for easier access to our services,” explained KCB Bank Rwanda’s acting Managing Director, George Odhiambo.
The service is available to all KCB Bank customers who are registered on the company’s mobile banking service.
“All clients with regular current and savings accounts qualify for the KCB Mobiloan. They will receive credit ratings for efficiency in loan access,” Odhiambo noted.
KCB Mobiloan allows eligible customers to borrow between Rwf 500 to Rwf 500,000, depending on their credit rating. The loans are to be paid back within 30 days at a 6% interest.
The service can be accessed by dialing *522#, then following the prompts. It is accessible on all mobile platforms.
So far, KCB Bank Rwanda has given out some 1500 Mobiloans, and with the official launch the bank expects this number to grow rapidly.