Lender Family Bank has disbursed over Ksh500 million in loans, to both its customers and non-customers, within a three-month period through its mobile application PesaPap.
The mobile application, was launched at the end of July 2018, and has recorded an average of 50,000 transactions per month between August and November 2018. The revamped PesaPap Wallet that also includes a savings and investment module 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 Family Bank’s Head of Retail Nancy Njau. “Our focus is to deepen financial access by leveraging on technology and wholesomely spur the economy to even greater growth,”
According to a survey by FSD-Kenya, in partnership with the Central Bank of Kenya (CBK), Kenya National Bureau of Statistics (KNBS) and CGAP, 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. The use patterns do not differ much between men and women, but income sources seem to play an important role.
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. Registration is accessible both via USSD code *325# for non-smartphone users or by downloading the PesaPap app available on Google Play Store and Apple Store.
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