This archive report was first published on 6 December 2021.
On December 6, 2021, Prime Bank launched PrimeKopa, a mobile lending service that offers short-term loans to customers.
The service allows borrowers to access loans ranging from Sh5,000 to Sh150,000 with repayment periods between 30 days to three months.
PrimeKopa is accessible through the mobile app PrimeMobi, which provides a seamless, paperless, and digital experience for customers.
According to Prime Bank's Managing Director, Bharat Jani, PrimeKopa seeks to provide customers with flexibility in terms of repayment in a digital manner.
Customers will enjoy instant disbursement of funds after approval and will be allowed to make partial and early payment of loans.
Prime Bank joins other lenders such as Equity, KCB, NCBA, Absa, and Co-operative in the lucrative mobile loan business.
As of December 31, Prime Bank held a 2.44 percent market share with Sh88.59 billion customer deposits and Sh44.53 billion loan book, according to data by the Central Bank of Kenya.
