This archive report was first published on 11 September 2019.
On September 11, 2019, Family Bank introduced a salary advance facility, enabling employees to borrow up to 50% of their salaries via the PesaPap App.
The facility allows customers to apply for a salary advance at any time from their phones, which will be credited to their accounts.
Chief Operating Officer Godfrey Kamau stated that the focus is to drive convenience through self-service channels, providing customers with immediate access to funds in case of emerging demands and unforeseen emergencies.
According to Kamau, customers can repay the salary advance in a one-off deduction at month-end, with a Sh300 or 10% commission on the salary advance borrowed, whichever is higher.
Family Bank's new product follows the lender's investment in building a digital platform, offering full banking services to customers from any mobile phone.
The move is informed by a growing phenomenon among Kenyans who use phones to send and receive money, as well as pay for goods and services.
