Within the short space of three-months from the launch of PesaPap, its Loans Disbursement App; Kenyan Family Bank has surpassed the Ksh500 million mark in loans disbursed, to both its customers and non-customers. The mobile application has also recorded an average of 50,000 transactions per month between August and November 2018.
The PesaPap Wallet that also includes a savings and investment module has registered over 44,000 new users in that same period.
“We want to drive financial inclusion through access to digital credit among other services. We are glad that both our customers and non-customers are taking advantage of our mobile application that offers a full-service mobile banking experience in the market as noted in the demand and uptake of PesaPap,” said Nancy Njau, Family Bank’s Head of Retail.
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“Our focus is to deepen financial access by leveraging on technology and wholesomely spur the economy to even greater growth,” she concluded.
More than one in four Kenyans has taken a digital loan with the most common reasons for digital borrowing among Kenyan adults being for business and day-to-day needs. This is according to a survey carried out by FSD-Kenya, in partnership with the Central Bank of Kenya (CBK), Kenya National Bureau of Statistics (KNBS) and CGAP.
PesaPap enables easy access to instant loans and also allows one to set investment goals for periods between 3 to 12 months while earning attractive interest.
Family Bank has also recently added an extra feature on its PesaPap platform which will enable both customers and non-customers to execute cross border money remittances instantly through mobile and to select international destinations like China, India and at least 10 countries in Africa
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