UPDATE: The PesaPap team reached out to us about the loan feature that couldn’t be accessed immediately after the lender went live about the development. The app has since been updated, so you can now borrow funds.
The past one week has seen the two banks integrate mobile loans on their smartphone applications: CBA’s Loop and Housing Finance’s Whizz. The former revised some transactions costs on it existing app, while the latter was an entirely new mobile financial platform with basic financial features. The latest addition to the assumedly lucrative mobile loans is Family Bank’s PesaPap, which, unsurprisingly is pushing the product to a demographic that would rather apply for loans from the comfort of the homes, and phones rather than go through a series of hurdles at banking halls.
The Family Bank mobile app will offer loans to its customers (people who bank with the institution) and non-customers. The loans, which are instant, can be repaid in a 30-day window. The lender has also integrated investment goals in the app for periods between 3 to 12 months with interest.
We have tested the app since launch, and it appears that mobile loans, which people have a high appetite for, are still unavailable thanks to a ‘coming soon’ pop up message that graces your screen as soon as you request for those financial, bill-paying nuggets. We have reached out to the bank and will update this post as soon as we have more information.
Visually, PesaPap looks like it was made for Android devices from 2011. There is nothing modern about it; buttons and fonts are subjectively large and unappealing as if the tool was actually rushed. There is a complete disregard of modern app design, although it executes its functions, save for the aforementioned loan feature.
PesaPap is also available for iOS users and via USSD *325#.
Either way, users can perform basic banking services such as funds transfer to accounts and mobile money wallets, bill payments, airtime purchases, scheduled payments and the inclusion of PesaLink, among other functions.
“With 65 per cent of our bank transactions now via digital, up from 46 per cent in January 2016 and with an 18 per cent growth in mobile banking in 2017 compared to 9 per cent in 2016, it is our strategic intention and focus to invest more in technology and aggressively drive efficiencies through IT,” said Family Bank’s MD & CEO Dr David Thuku during the launch of the application. “We believe that the revamped PesaPap will meet the increasing demands of the modern-day consumer whilst keeping pace with emerging technology to further deepen financial inclusion,” he added.
“The mobile phone is no longer just a communication device, it is a tool for enhancing our lives. It is through the adoption of modern financial technology that the banking sector will not only improve its efficiency but also spur economic growth and help alleviate poverty,” said Chief Guest Dr. Habil Olaka, the Kenya Bankers Association (KBA) CEO.