Kingdom Bank Eases Access To Loans For Business Owners With M-Collection Solution

Kingdom Bank, a subsidiary of the Co-operative Bank of Kenya, has launched an innovative solution aimed at easing payments for micro, small and medium-sized businesses (MSMEs).

The solution entails using till numbers, pay bill or USSD code for small businesses such as landlords, mama mboga’s, barbers, salons and mali mali shops.

The solution can also be used in other businesses or institutions receiving payments such as hospitals, schools, and churches.

The lender says that by using the solution, businesses will be able to attain loan limits depending on the payment history.

The bank’s M-collection solution frees the entrepreneurs’ time from the routine of collecting cash and issuing ‘change,’ because customers use their mobile phones to pay for goods and services directly to the entrepreneur’s bank account.

Here are some questions frequently asked by users, and answers from the lender.

How can I get a loan from Kingdom Bank?

With the M-collection solution, Kingdom Bank has made access to credit easy for small businesses. Once a business person has subscribed to the solution, customers begin making payments for goods and services direct to the business person’s bank account at Kingdom Bank. The payments are then used to build the business person’s transactions with the bank. The higher the transactions, and longer the business person uses the solution, the easier it becomes to get a loan. And the icing on the cake is that you do not need to visit the bank to fill forms in order to apply for a loan. With frequent use of the solution, the business person can apply for a loan from the bank by dialing *344# or by logging into KB Mobile App.

How will I know if payments have hit my account?

Kingdom Bank’s M-Collection solution is supported by a robust infrastructure that provides records in real time. Once a customer has made a payment to your account, the system will generate a message that will be sent to your phone indicating the name of the customer and the amount they have paid to the account. To verify, you can check the transaction through the bank’s mobile application.

Can the solution be used for offerings and tithe collections in church?

M-Collection solution supports collections for small business operating in all segments. For businesses such as rental houses, kinyozi, salons, mali mali or general shops and mama mboga, customer payments can be made through the bank’s short code or till numbers. For businesses such as churches, hospitals, schools payments can be collected through the bank’s pay bill number. One can register to get a Pay Bill which is more appropriate for your kind of transactions.

How much does it cost?

Registration for the solution is free. To benefit from the solution, call or send text to 0709881300 or just walk in to the nearest Kingdom Bank’s branch for free registration. That is not all, the transactions from customers to your bank account are also free of charge. Your chances of qualifying for a business loan from the bank increase every time a customer uses the solution to pay you.

Can I see more of your products?

Kingdom Bank is a financial services supermarket providing a bouquet of services to Kenyans. The complete range of services can be found in the following link or visiting the nearest branch.