KCB-Mpesa interest rate doubles for mobile lending platform users

KCB Mpesa users interest rate doubles. PHOTO | BANA

Kenya Commercial bank (KCB) increases interest due to new treasury laws. The bank has increased interest to 7.5% on the mobile lending platform from 4.08%.

“I used to borrow Sh40,000 that I paid back with an Sh1,632 interest, this enabled me to conceal my financial challenges from my colleagues, friends, and relatives,” said a Mobile lending platform user.

The users will be paying double the interest they used to pay. The interest cuts across all users. “

“Hello, the interest has been updated for all KCB Mpesa customers both defaulters and those on good books,” the statement from KCB said.