How To Unsubscribe From KCB M-Pesa (A Comprehensive Write-up)

Filed in Article by on August 11, 2020 • 0 Comments

Do you find it difficult in unsubscribing from KCB M-Pesa? If yes, then this informative article is for you. You will be given a step by step guide on how to do that easily and fast in the comfort of your home.

KCB M-Pesa is one of the handy tools in your smartphone when it comes to savings. As we all know, hoarding some money means enjoying quick loans from the service. However, sometimes you might want to exit the product due to some personal reasons.

How To Unsubscribe From KCB M-Pesa

How can I delete the KCB M-Pesa account on my gadget? There is no unsubscribing option on the Loans and Savings menu on your device. For this reason, you can’t do it by yourself. To unsubscribe from this product, you should, walk into or contact any customer care centre.

If you have any credit at the time of closure, you will receive your balance less any applicable fees. If it is in arrears, then you will have to pay the amount owed immediately.

How To Activate Your KCB M-Pesa Account

Should you change your mind in the future, you can use the procedure below to enrol back to the service:

  • Open Your SIM Toolkit App: Launch your app list, scroll until you find this application, and click on it.
  • Select The Preferred Line: This step should only be used by dual SIM card phone users. If your gadget only accepts one line, then skip to step number 3.
  • Select “M-Pesa”: There will be two options in this window, press the first choice.
  • Go To “Loans And Savings”: This will be visible from the next menu.
  • Select KCB M-PESA: Follow prompts to activate your account.

KCB M-Pesa Specific Accounts

There are four types of accounts you can have once you enrol for this product. Each of them has different features and interest rates. They include the following:

Normal KCB M-Pesa Account

With this account, you can deposit or withdraw amounts via M-Pesa. It has the following features:

  • A minimum and a maximum deposit of Ksh. 1 and Ksh. 100,000 respectively
  • A maximum of Ksh. 250,000 deposits
  • Customers can apply for a loan
  • No interest on deposits
Transaction Account

This type of account has the following features:

  • 2% interest per year on all deposits
  • Ksh. 1,000,000 savings limit. However, for amounts above Ksh. 250,000 necessary documentation should be provided.
  • Maximum deposit of Ksh. 140,000 per day from M-Pesa.
  • Minimum of Ksh. 100 and Maximum of Ksh. 100,000 for KCB Mobi deposits.
Fixed Savings Account

If you want to lock any amount of money for a specified period, then this is the best option for you. It has the following requirements:

  • Term deposits of 1, 3, 6, or 12 months
  • 3%, 4%, 5%, and 6% interest rates per annum on fixed savings for 1, 3, 6, and 12 months’ periods, respectively.
  • Minimum and Maximum term deposits of Ksh. 500 and 1,000,000 respectively.
  • Depositing additional funds before the term is not allowed.
  • Funds held here will determine your loan limit.

To access this type of account, use the following steps:

  • Go to M-Pesa menu
  • Navigate to Loans and Savings then to KCB M-PESA.
  • Choose Fixed Savings Account
  • Select fixed deposit
  • Open the account
  • Select the deposit source either M-Pesa or KCB M-Pesa
  • Enter the savings amount. It should be over Ksh. 500
  • Specify the period. Choose between 1, 3, 6, or 12 months.
  • Enter your M-Pesa PIN
  • Confirm the transaction

You will receive a notification immediately on your gadget.

Target Savings

If you want to save a specified amount of money over a long period, then this is the right type of account you should use. It has the following features:

  • A minimum target amount of Ksh. 1000
  • A minimum contribution of Ksh. 50
  • Interest rates of 3%, 4%, 5% and 6% for 1, 3, 6, and 12 months respectively
  • Rewards if you reach your target amount
  • Early withdrawals are allowed
  • You can only have one target account.

KCB M-Pesa Loans

You can access loans of up to 1 million from your gadget. The limit depends on several factors, such as your savings. You should first check your loan limit before acquiring emergency funds from this product. Use the procedure below:

  • Navigate To M-Pesa Menu: Use steps 1 to 3 from the method above.
  • Press “Loans And Savings”: This is the fourth choice from the menu.
  • Go To KCB M-PESA: The option is visible on the next window.
  • Click On Loans: A new menu will be automatically launched. Here you can request, pay, or check your loan limit.
  • Press The “Check Loan Limit” Option: Enter your correct M-Pesa PIN for authentication. Press the “OK” button one you are done.

A short message will be sent to your gadget indicating your maximum loan amount and also the interest rate per month. This process will cost you Ksh. 0 so you don’t have to be worried about your balance.

To apply for a loan, use the procedure below, assuming that you have already launched your M-Pesa menu:

  • Go To The KCB M-PESA Section: Several options will be listed here, such as Deposit to M-PESA, My account, and so on.
  • Tap “Loans”: This will take you to a new screen.
  • Click On “Request Loan”: Press the first choice and move to the next step.
  • Specify The Amount: By now, you should know your limit. Critical in any figure between 50 and the stated maximum amount. Press the “OK” button.
  • Enter M-Pesa PIN: Key in your correct authentication details and press OK.

If the application was successful, you will receive an SMS telling you that the request is being processed. After a few seconds, your loan will be ready.

How Can I Withdraw My KCB M-Pesa Loan?

After a successful application, you can cash out the funds in your KCB M-Pesa account via ATM or agent using the steps below:

  • Go To The KCB M-Pesa Menu: Open the SIM toolkit, choose your preferred line then navigate to M-Pesa. Once here, click on “Loans and Savings” then to this menu.
  • Tap “Withdraw To M-Pesa”: This is the second choice in the window.
  • Enter The Amount: You can send a maximum of 70,000 to your M-Pesa account.
  • Key In Your PIN: Make sure you enter the correct details to avoid repeating the procedure afresh. Press the OK button.

You will receive a short SMS with details of the transaction from both M-Pesa and KCB M-Pesa. To withdraw the amount via agent or ATM, go to your M-Pesa Menu and follow prompts.

How To Pay KCB M-Pesa Loan

You can choose to pay your mortgage for 30, 90 or even 180 days.

  • For 30 days, you will pay a 4% interest rate per month.
  • For 90 days, you will be charged a 3% interest rate each month
  • For 180 days, a 2% interest rate per month will be charged

You can pay the total net amount via M-Pesa, any KCB bank branch, or Mataani Agent near you. Note that for complete payment, you should pay the principal and also the interest amount. To pay through M-Pesa, follow the procedure below:

  • Launch Your SIM Toolkit App: The application is available via your app list.
  • Go To The M-Pesa Menu: Choose your preferred line if you are operating on a twin SIM card gadget.
  • Browse To The KCB M-Pesa Menu: Click on “Loans and Savings” to do so.
  • Click On “Loan”: You will be taken to a new window with options such as to request a loan, check limit, and so on.
  • Choose “Pay Loan”: You can opt to pay via M-Pesa or KCB M-Pesa.
  • Enter The Amount: Enter the loan principal plus accrued interest amount here and click the OK button.
  • Key In Your M-Pesa PIN: To complete the transaction, you must provide a correct PIN.

If the payment was successful, you will receive SMSs from KCB M-Pesa and M-Pesa confirming the transaction.

KCB M-Pesa Loan Defaulters

In the event of not repaying the loan within the agreed time, the bank will automatically roll over any outstanding balance for 30 more days. If you decide to pay within this period, a Roll-Over fee will be charged in addition to the accrued interest and principal amount.

The bank will also utilize any funds in your M-Pesa to settle loans during this period. Any amount in your KCB M-Pesa will also be set off to pay the outstanding debt.

KCB M-Pesa App

Sometime last year, KCB bank migrated to a new system to improve customer experience. This saw the development of both Android and iOS apps for smartphone users. You can download and activate this application quickly and easily. You will only need an active internet connection, enough storage space, and access to Google/Apple Store.

For Android, The Following Steps Should Be Followed To The Latter:

  • Open Play Store: Launch your app list, scroll up and down until you find the app, tap on its icon, which is usually a multi-coloured triangle.
  • Locate The App: In the search box, type “KCB” and press the Enter button. Wait as the results are being loaded.
  • Select The Application From The Results: This will open a new window with details such as KCB app description, reviews, screenshots, and so on.
  • Click On The “Install” Button: This is usually a green button beneath or next to the name of the application. Be patient as the app is being downloaded.

For Iphone, The Procedure Below Should Be Followed:

  • Open App Store: This is a blue icon with capital A around a white circle. Most likely, it is on your gadget’s home screen.
  • Tap The Search Tab: It is located on the bottom left part of your screen.
  • Enter “KCB” In The Tab: Click on the search box and enter the stated keyword without quotation marks.
  • Tap The Search Button: This will take you to a page that lists all the apps related to your query. Locate the KCB app and click on it.
  • Press “Get”: This button is located on the right side of the application you are downloading.
  • Press The “Install” Button: This is usually green in colour and will appear in the same location as GET did.
  • Authenticate The Installation: Use your Touch ID, fingerprint, or password to verify the download.
  • Wait As The App Downloads: This might take seconds, minutes, or even hours, depending on your connection speeds.

To access KCB M-Pesa on this application, use the steps below:

  • Launch The KCB App: On android tap on the app’s icon, then scroll until you find it. Tap on its icon.
  • Go To “My Kash”: As soon as you open the app, you will see this option on the upper part of your gadget’s screen.
  • Access KCB M-Pesa: Go to the “Borrow” tab if you need a loan. Choose KCB M-Pesa. For savings, go to the “Save” section.

The procedure on how to unsubscribe from KCB M-Pesa is that simple. Go ahead and try it out.

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SOURCE: TUKO.CO.KE

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