How the new CBA Loop will benefit millennials

How the new CBA Loop will benefit millennials

CBA Loop Launch video

Film by Kenyan Story

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Commercial Bank of Africa (CBA) announced some changes on Loop and these changes will have a relatively positive impact to millennials and the tech-savvy community. When CBA Loop was launched last year, the bank used the tag Unbank Yourself with the aim of reducing bank bureaucracy and paperwork. And these are the new features that will make things a little easy:

Loans and tariffs

CBA Loop customers will be able to access term loans of up to Kes. 3 million and overdraft of Kes. 100,000. This makes Loop the only digital banking platform that can disburse such amounts without a visit to the bank and all the paperwork associated with traditional financial sector models.

CBA has also revised the tariffs offered through its revolutionary digital banking service, Loop, and zero-rated some transaction charges, as more customers embrace the benefits of accessing financial services via mobile.

Eric Muriuki, General Manager of the New Business Ventures division at CBA said, “The advancements that we are introducing now are a product of feedback from our customers over the last one year, as well as proactive measures that recognize the growing importance of the mobile phone interface in the delivery of a wide range of customer focused services.”

Free stuff

Loop-to-Loop transactions, purchase of airtime, and payments through Safaricom’s Pay Bill and Buy Goods & Services will be free, while the transaction charges for Loop to M-PESA and ATM withdrawals have been reduced by 44% and 40% respectively.

Muriuki said, “The new transaction services, coupled with benefits such as the ability to track your expenses, set financial targets and make savings, now position Loop as the most dynamic digital banking service in the market today and the best tool to have for all your financial service needs.”

Interface

The bank has also introduced new services, a new user interface and shortened the Loop on boarding exercise making it possible for you to become a Loop user in less than five minutes.

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