The Co-operative Bank of Kenya has introduced an unsecured digital overdraft facility that allows customers to overdraw their accounts by up to Sh100,000 for transactions such as bill payments, raising competition for Equity Bank Kenya and Safaricom.
The lender has informed customers that the new short-term credit facility, called ‘Kamilisha’, will enable individuals and businesses to complete transactions when they do not have sufficient funds at a time of paying bills such as house rent, electricity, stock purchases or sending money.
