Co-op Bank has launched a new product called Kamilisha that is set to rival Fuliza and Boostika. Here are more details about the new product.
Now Co-op Bank, being one of the top three banks in Kenya, has basically launched a new product called Kamilisha. The new product allows customers to complete transactions even when their account balance is low, similar to overdraft services like Fuliza or Boostika.
Now, the new product dubbed Kamilisha will give customers access to an unsecured overdraft of up to Sh100,000 for short-term needs such as bill payments, rent, stock purchases, or sending money.
It allows users to complete transactions instantly when their balance is low, bridging the gap between what they have and what they need to pay. The new product attracts a one-off access fee, daily maintenance fee, and insurance charge, with repayment due within 30 days from the first use.
The overdraft limit depends on a customer’s account activity and credit score, meaning active users with a good repayment record can qualify for higher limits over time.
Kamilisha positions Co-op Bank alongside Fuliza and Boostika in the short-term digital credit space, giving customers more options for covering urgent payments.
Funds borrowed through Kamilisha are automatically recovered from subsequent deposits into the customer’s account, ensuring repayment is seamless and reducing the risk of default. The product is designed to support both individuals and businesses needing short-term liquidity for smooth transactions.
Lastly, if, for example, you use a Sh1,000 overdraft and keep it unpaid for a month, the total charges would come to about Sh84, covering the access fee, daily maintenance, insurance, and excise duty.
Now here is how Kamilisha can be accessed. You can use the Co-op Bank mobile app, which can be downloaded via the Google Play Store or Apple App Store, or the USSD code *667#. From there, go to E-loans, select Kamilisha, and opt-in to activate the facility. It allows up to Sh100,000 for short-term needs like bills, rent, or school fees.