In 2015, an application for a new loan was made by Kenyans every eight seconds, resulting in nearly 4 million loans being issued by Kenya Commercial Bank (KCB) – up from a mere 200 000 a decade ago. This is yet another example of how mobile banking is helping numerous Africans gain financial inclusion.
According to an Investing In Africa report, the majority of these borrowers – 94% to be exact – have never actually stepped foot in a KCB branch, thanks to the bank’s investment in technology over the past few years.
In 2012, it launched an in-house mobile banking platform (KCB Mobi), which it strengthened through a partnership with Safaricom M-Pesa in 2015. Together, the platforms disbursed roughly US$91 million in loans, averaging around US$25 to US$30 each.
