KCB M-PESA is a mobile based banking service available to over 19 million M-PESA users’ country wide. The service was launched in 2015 and since then it has been on an upward spiral, with over Ksh300 million transactions in a day.
Unfortunately, KCB M-PESA has been unable to maintain a good track record, as most of their customers are complaining about their poor services. On 8/30/2019, KCB bank put out a sponsored ad on “weka weka” promotion. The Ad was aimed at encouraging Kenyans to save through KCB M-PESA.
Once the Ad was up on Twitter, KOT went crazzzy. KCB M-PESA had just pricked on a balloon and it definitely had to burst. Kenyans weren’t having it anymore. They poured their hearts out showing their disappointment and frustration using the hashtag #KCBMPESA. Some Kenyans were so upset that they demanded the KCB M-PESA option be scraped out of their M-PESA menu.
Kenyans were outraged on their reviewed loan interest rates. Previously, the KCB M-PESA platform used to offer loans at an interest rate of 4% but is currently charging 7.5% per month. Kenyans are finding it to be unacceptable and outrageous.
The KCB M-PESA platform has a bad taste in the mouths of Kenyans. Many of their customers are unsatisfied with their service and are complaining of their hefty punishment for a loan default. A customer who defaults a loan for a week or days is listed on the CRB and is unable to borrow from the platform for the next 90 days. And if a customer defaults for a whole month or more the customer is listed on the CRB, and is burned from borrowing through the platform for the next 60 months. For both the loan limit is reduced to zero. According to Kenyans on twitter they find their punishment unreasonable and inconsiderate.
Customers on KCB M-PESA are also claiming that even after gaining clearance with the CRB, KCB bank doesn’t allow you to borrow from them. They still insist on the 60 months or 90 days ban.
KCB M-PESA users are also complaining about the payback period allocated to all their loans. Whether you borrow Ksh 500 or Ksh 70,000 you are all required to pay back the loan within a month. Considering the state of the Kenyan economy they should look at the amount being offered and put out a considerable time frame for paying.
Another major issue facing the KCB M-PESA users is that they don’t have an efficient customer service unit. A lot of their customers are complaining on their slow or no response to queries. Some of their users actually request for loans but they never receive those loans.
KCB M-PESA users are seriously considering using other platforms for mobile banking. The outburst online clearly shows that their customers are not happy with the services they provide. KCB M-PESA should know that today, customers are at the heart of any business and they will determine whether the business succeeds or fails.
I was your regular customer and paid my outstanding loans and now it has been about 6 months now since i borrowed loans from KCB , i have been trying to get loans from you ,only to be told i don’t qualify to borrow loans due to previous delay of payment, my humble request is what wrong before I cut link with you guys because i am so much disappointed with your poor services and with no respect to your customers