MCo-op Cash is a product of the Co-operative Bank of Kenya (Co-op Bank). It is a service that allows Co-op Bank customers to access bank services and also loans.
1. Signing up
To get a loan, you need to be a Co-op Bank customer and you have to have the MCo-op Cash app on either the Google Play Store or the iOS App Store. You can also access it by dialing *667# on your phone.
2. Loans
You can borrow from Ksh 3,000 to a maximum of Ksh 100,000.
3. Loan interest
The charges on the loans are as follows:
- 1 Month individual loans – 1.166%
- 3 Month individual loans – 3.498%
- Business Loan – 1.166%
- Insurance on 3 Month Loan – 0.102%