How USSD banking is shaping loan acquisition in Kenya
Ussd banking offers offline banking solutions to access and make mobile financial transactions
Mobile lending has been on the rise with approximately 4 in every 10 Kenyans acquiring a loan. As a result leading to the increase and refinement of mobile loan services and a rise in USSD banking.
In this article we will dive into what USSD banking is and a variety of USSD codes Kenyans use to acquire loans.
USSD banking offers offline banking solutions for an individual to access and make mobile financial transactions. In addition to this in the case that there is no internet connection one can use a banking code to retrieve their details or even get loans.
Through USSD banking, users have been able to access their banking account services regardless of the area they are in. This is because all they have to do is to operate their banking service through their mobile phones. Here are some of the ways that will help us understand how USSD banking works;
USSD loan banking has saved a lot of Kenyans the headache of moving around with a bunch of money in their bags. The banking services have offered a lot of benefits to its users, and with us are some of them that have been observed through USSD mobile loan banking as follows;
Through the USSD loan services, users have been able to apply and get money at a faster rate into their devices. This has given users a chance and assurance of a place they would conveniently get money from, and immediately after applying, the cash is loaded into their accounts.
The USSD loan banking has little to no documentation for users willing to apply for needed loans. This has made it easy for citizens who want to lend money as they don't have to go through many procedures for approval.
USSD mobile loan banking is offered at a lower cost than traditional banking loan services. This has simplified and eased those users who cannot afford credit, making it more convenient for them.
The USSD mobile services allow customers to repay their loans due without any difficulties quickly. This is because the steps taken to repay the loan are easy and do have no many tiring procedures to be done.
Gone are the day's users of certain banks who had to show up in their banks and request loans physically. With USSD loan banking available, users have been able to apply and get cash immediately on their mobile phones.
USSD loans are basically loans one can acquire from a loan service by the use of a USSD code. In order to get a USSD loan in Kenya an individual needs to identify a lender, meet their requirements so as to get the necessary USSD code.
2.MyCredit - *322#
3.Standard Chartered Bank - *722#
4.SMEP Microfinance Bank- *741#
5.Commercial Bank of Africa - *654#
6.Consolidated Bank- *262#
7.Diamond Trust Bank- *385#
8.Equatorial Commercial Bank- *286#
9.Equity Bank of Kenya- *247#
10.Extend Money Services- *676#
11.K-Rep Bank- *527#
12.Kenya Women Finance Trust- *378#
13.Musomi Microfinance Institution- *279#
14.Maisha Bank- *281#
15.National Bank- *625#
16.NCBA Bank- *654#
17.Ndege Chai Sacco- *882#
18.NIC Bank Limited- *488#
19.Kopa doh- *610#
21.Paddy Micro Investments- *269#
23.Pi Capital Ltd- *879*99#
24.Premier Credit- *241#
25.Stanbic Bank- *208#
26.Chase Bank of Kenya- *275#
27.NIC Bank Limited- *488#
28.Ndege Chai Sacco- *882#
29.Safaricom/NCBA/KCB Bank- *234#
30.Gulf Africa Bank- *399#
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