The service, dubbed Mobile2Bank allows SMEs businesses to make payments and collections directly to their bank accounts through a mobile phone by moving funds from one Lipa Na M-PESA till to another in real-time.
Under the agreement, M-Pesa agents will also operate electronic cash between their tills and bank accounts and send float directly to another agent’s account- without having to visit the bank. They will also be able to access loans through Mobile2Bank.
The minimum loan a business can borrow is KES 35.000 and a maximum of KES 500.000 per transaction, however the business are eligible to make up to five transaction per day meaning one can borrow up to KES 2.5 million in a day.
The amount borrowed is paid within a period of six months at an interest rate of 23 %.
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