ABC loop gets a new coat of paint, Online Loans and transaction fee cuts


The Commercial Bank of Africa (CBA) launched its online financial service Loop in March 2017. The product targeted, and continues to target, young adults under the age of 40, known as millennials who prefer to transact on their own. mobile devices rather than going to a physical banking room. The platform came in the form of a smartphone app and had all the bells and whistles of what you’d expect from a modern financial tool: bill paying, savings, and online loans.  Here at Bridge payday for payday loans online we dived into the service offers

Users or readers may have noticed that Loop missed a key service, which is online lending. Well, it turns out that the folks at CBA knew the lucrative nature of integrating loan services into Loop, especially in a market that has demonstrated a great appetite for easy-to-access loans though the way products are similar were adopted is something. go by. Loop has also improved the visuals of the app, with additional revisions for some transactions and more.

About Loop ready: the bank will be the first lender to offer up to Kes 3 million and an overdraft of up to Kes 100,000 through the application without tedious paperwork. That’s a huge sum, and the ABC says the odds of qualifying for higher limits depend on whether Loop is your primary account.

The ABC has made some changes to the transaction fees as noted.

Transaction Type Cost
Loop to M-PESA (B2C) Kes 38.50
Buckle to buckle Release
International MasterCard ATM fees Kes 150
Airtime purchases Release
Pay to Safaricom Pay Bill Release
Buy Goods – Pay at Checkout Release

Loop withdrawals to M-PESA and ATM have been reduced by 44% and 40% respectively.

Supplements

Although I’m not a Loop user, I remember trying to sign up for the service in April 2017. The onboarding process was, at least for me, chaotic. There were far too many fields to fill out and the number of security questions and additional user information was just overwhelming, which is why, if I remember correctly, I stopped somewhere along the way and j have given up. The ABC recognizes this challenge and has simplified the exercise to be less than five minutes.

While not entirely new for similar services, users will now have quick access to popular billers such as Kenya Power, Zuku, DSTv, and Nairobi Water, to name a few. This means that you won’t have to remember some payment invoice numbers and that’s always a good thing.

Quote

“The advancements we are now introducing are the result of feedback from our customers over the past year, as well as proactive measures that recognize the growing importance of the mobile phone interface in delivering a wide range of services. customer-oriented ”. said Eric Muriuki, Managing Director of New Business Ventures at CBA.

“New transaction services, coupled with benefits like the ability to track your spending, set financial goals and save money, now position Loop as the fastest growing digital banking service on the market today and the best. must-have tool for all your financial services. needs, ”added Muriuki.

About Dawn Valle

Dawn Valle

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