Mobile banking has become the cornerstone of serving the masses, enhancing convenience to customers while reducing the need for banks to expand their brick-and-mortar branches.
“PrimeKopa seeks to provide customers access to mobile loans with flexibility in terms of repayment in a seamless, paperless, and digital manner. We believe PrimeKopa will offer customers a differentiated digital banking experience,” said the Managing Director Bharat Jani.
The bank says customers will enjoy instant disbursement of funds after approval and will be allowed to make partial and early payment of loans.
The lender joins Equity #ticker:EQTY, KCB #ticker:KCB, NCBA #ticker:NCBA, Absa #ticker:ABSA and Co-operative #ticker:COOP earning billions of shillings in fees and interest from this lucrative mobile loan business.
Prime Bank held a 2.44 percent market share with Sh88.59 billion customer deposits and Sh44.53 billion loan book as at December 31, according to data by the Central Bank of Kenya.
The shift to digital banking followed the Covid-19 disruptions that hurt customer traffic in banking halls, despite increased default of mobile loans amid repayment distress.
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