Borrowers took Sh 91.14 billion worth of Mobile Loans via MCo-opCash


Cooperative Bank of Kenya announced issuing a total of ksh 91.14 billion to borrowers through the mobile platform MCO-OPCASH in the year ending June 2020.

This amount was a 2.6 times increase in mobile loans as compared to last financial year when the bank issued a total of ksh 35.05 billion.

The lender reported that the increase in mobile loans was as a result of more customers looking for Salary Advances on MCO-OPCASH as a better way to borrow during the Coronavirus pandemic.

During the COVID-19 pandemic the government recommended that people avoid handling cash as a means of making transactions and instead use alternative digital platforms.

MCo-opCash is an app available for Co-opbank customers to access the banks services on their smartphones.

Although majority of the loans taken via MCo-opCash were Salary advances, the lender also reported that some business owners also took loans to use as working capital as the pandemic continued to bite.

More banks had no option but to improve their banking apps and make them convenient platforms to transact. These include Family Bank's PesaPap, KCB Banking app, Equity Bank's Eazzy Banking App, Standard Chartered Bank's SC mobile app among others.


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