This is a simple guide on how to repay your KCB Mpesa loan in Kenya. KCB Mpesa is a joint initiative of KCB and Safaricom which was launched in March 2015 to provide loans at attractively low-interest rates.
The KCB Mpesa loan service has an interest rate of 1.08% per month with a one-off negotiation fee of 2.5%. One good thing about KCB Mpesa is the fact that the transfer of money in and out of the KCB Mpesa account is free. The cost for the one month loan is 4.08% including excise duty applicable on fees.
How To Repay KCB Mpesa Loan:
The loan repayment can be made either via Mpesa or from the KCB Mpesa account.
1.To repay your loan via the KCB Mpesa account, follow the steps below :
- Access the M-PESA menu.
- Select Loans and Savings.
- Select KCB M-PESA.
- Select Pay Loan.
How to repay your KCB Mpesa using Mpesa Paybill Number:
1. Go to your Mpesa Menu
2. Select Lipa na Mpesa
3. Select Paybill
4. Enter 522559 as the business number
5.Enter the phone number you used to take the loan as the account number
6. Enter the amount you want to pay
7.Enter your Mpesa pin and press OK
8. You will receive a transaction confirmation message from Mpesa.
Please note that it will take 48 hours for the loan repayment to be updated.