Co-op’s Mco­op Cash App has Moved Ksh 8.7Bn loans

Co-operative Bank has issued Ksh 8.7Bn loans  as at 31st August 2017 through its mobile banking service since inception.

Mco­op Cash App, is the bank’s mobile banking service, which offers a variety of banking, money transfer and payment transactions.

M-Co-op Cash, with 3.3 million registered users, saw its current loan book nearly triple to KSh860 million as at June 2017 compared to KSh 290 million the previous year.

Read: KCB, Co-op Bank ranked top in Cytonn H1’2017 Banking Sector Report

The bank says its mobile loans are charged the capped interest rate of 14 per cent per annum, or 1.16 per cent per month with no hidden charges.

“Notably, we are among the few Banks to strictly comply to a pricing regime consistent with the 14 percent interest rate cap even for mobile loans, with no additional charges.”

Through the mobile app,the bank has improved on efficiency by minimizing costs.

“This has enabled us offer a more fulfilling experience to our existing customers, for the reason that the mobile loans are both affordable and delivery is real-time accessible via mobile phones,” says Coop Bank in a statement from our inquiry.

MCoop Cash disburses loans of between KSh100 and KSh200,000 repayable within a month, and is available across all mobile money platforms such as M-Pesa and Airtel Money.

Other avenues of revenue generation the bank has adopted include:

PesaLink is a service that allows you to transfer money into a Co-op Account instantly, from another bank. This service was launched by the Kenya Banker’s Association which gives the customer the chance to transfer as little as KES 10 up to KES 999,999 at an extremely low cost of KES 0 to 152, depending on the amount you transfer.

In addition to the low charge on money transfer, customers of the bank can make payments directly from a Co-op Bank account to any local bank account instantly.

Internet Banking: Co-op Bank of Kenya introduced Co-op Net, an internet banking service that enables individual customers, both small and large scale business owners, companies, corporates and institutions to engage in various transactions and monitor their bank accounts through the internet.

Any device that can connect to the internet can be used to access Co-op Net e.g. mobile phones, tablets, laptops, desktop computers, smart TV, game console and any other Internet Connected device.

Co-operative Bank is among eight Kenyan financial institutions that have partnered with Visa Inc. to offer mVisa services to its customers.

Other banks include: Barclays Bank, national Bank, Ecobank, Family Bank, KCB Bank, NIC Bank, Prime Bank, and Standard Chartered Bank.

mVisa is an innovative mobile payments solution that addresses several consumer and merchant needs that will accelerate digital commerce in Kenya and across Africa.

mVisa service will make it easier for bank customers to make card-less purchases, pay bills and send or receive money from family and friends directly from their bank account both locally and internationally. Payments are made by scanning a static Quick Response  (QR) Code and entering the amount at a merchant location or a dynamic code that includes the amount. mVisa also allows the option to pay using USSD code.

Bancassurance, in a bid to increase non-funded income and further diversify their revenue sources.

The bank merged the management of CIS with that of its banking operation, the Co-operative Bank.

“The main objective of the Insurance Agency is to facilitate access by our customers to professional insurance advisory services and also avail convenient and accessible insurance policies and claims service through the wide branch outreach.”

Some of the services offered by the Bancasurrance team include:-
Advisory services on motor, non-motor, Marine, agriculture and Medical insurance policies
Life and Pensions insurance products for individuals, groups and organizations
Group and Staff medical scheme administration services
Claims Management
Risk management service
Insurance Premium financing