The mobile-based KCB M-Pesa banking system has advanced Sh10.3 billion in loans to its customers since inception about two years ago.
The savings and microcredit platform, a joint initiative of Safaricom and Kenya Commercial Bank, has also signed up 6.4 million account holders so far.
The account holders have Sh286.1 million saved on the platform. The platform advances between Sh25 million and Sh30 million daily in loans.
Safaricom CEO Bob Collymore on Tuesday said that the huge success that KCB Mpesa has enjoyed highlights the value of strategic partnerships in delivering innovative solutions that are aligned to customer needs.
"Through this platform, we have been able to contribute towards driving the financial inclusion agenda. Of great significance has been its role in providing a backup plan for our customers to free them from the fear of unforeseen events," Collymore said.
KCB Mpesa was launched in March 2015. The platform allows registered customers to save up to Sh1 million, earning up to 6 per cent in interest. Account holders can also access up to Sh1 million in instant loans, accessible on the Mpesa menu on the SIM toolkit under the updated savings and loans tab.
KCB Group CEO Joshua Oigara said that the new platform leverages technological innovation to deliver financial products and services.
"The ubiquitous mobile phone has changed the way financial services are consumed. It has made it cheaper and more convenient for account holders to access their bank accounts," Oigara added.