The banking sector has for a long time not understood millennials and new age entrepreneurs. Those who work online jobs, have side hustles and have had to deal with the constant frustrations of not being able to access loans because of their age, gender, financial status and occupation. In addition to all this, you get to experience long queues at the bank, systems running slow and an endless amount of paperwork which safe to say can drive anyone nuts.
Millennials have driven the economy for the past few years. Look at the invention of apps like Uber; these are solutions for the on-demand economy that drives businesses all over the world, but with little attention paid to their financial needs and the challenging economic journey they have to walk. This, however, is all being changed by the disruption in the banking sector that is Unbank Yourself!
Commercial Bank of Africa (CBA) which brought you M-Shwari in partnership with Safaricom in November 2012, yesterday unveiled a new digital management & consumer banking service that’s millennial and disruptive; one that is going to transform how customers manage and interact with their finances.
Unlike other mobile banking apps, the new revolutionary service known as the CBA Loop, completely eliminates the need to visit a physical bank branch for any and all core banking services. From applying for a card to resolving any issues you might have with your finances, the Loop allows for one to be completely free of traditional banking services. Loop creates a virtual cycle (hence the term loop); a complete digital financial service that combines payments, savings, insurance, credit – into one solution.
The service has been in development for the past two years and according to Eric Muriuki, General Manager, New Business Ventures at CBA, Loop places the customers at the center of their respective journeys and addresses the needs and the preferences of the typical millennial and new age entrepreneur.
It includes features like:
- A personal financial management tool which enables customers track, plan and analyze their income against their expenditure. It makes it easier to know exactly where your money is going to with the help of the graphical tools available that make it easier to interpret thus eliminating the need to track receipt reconciliation
- It makes it easier for users to plan for and finance their personal goals.
- It helps users schedule their payments like loans and other basic utilities like rent, helps in paying for goods & services at retail outlets, sending money and accessing loans without jumping through many hoops.
- The mobile bank also offers loans from a minimum of Kshs 30,000 and a maximum of Kshs 3million determined by your cash flow and CRB status without security. The loans are then offered within a period of ten minutes.
- There is no fuss in trying to get your Loop card. No papers to be filled and no passport photos needed. The only time you get to go to the Loop store is to collect your card.
- One gets multiple rewards from using the Loop app and the Loop card.
- Unlike other banking halls which make you spend a lot of time for service without even a place to sit, the Loop stores which are uniquely built to service the millennials, have a charging bay, access to Wi-Fi, a merchandise sales desk, a coffee station and no teller cubicles – customers are served from a booth. The structure of the Loop store is completely opposite from that of a banking hall.
The 6 Loop stores currently available are at Garden City, Sarit Center, Yaya Center, The Point Mall in Buruburu, CBA Mama Ngina branch in the CBD and Maasai Mall in Ongata Rongai. More stores will be rolled out in the country in the near future.
How to Unbank Yourself with CBA Loop
Simply download the mobile app, available on Google Play Store and iOs or visit their website. Fill in your details and activate your account by loading Kshs 500 which will be used to collect your debit card at any of the Loop stores of your choice.
Unlike traditional banking systems which require you to visit their branch with forms to apply for a credit/debit card, you only have to go collect your Loop card with your National ID and walk away with your card in a matter of minutes. You can then deposit money either through M-Pesa, cash deposits or wire transfers from other accounts and begin the journey to UnbankYourself.
Featured Image via SokoDirectory.
