New Rates: NCBA Loop Revises Transaction Charges After Public Outcry

If you deposit cash into your Loop account, it will now be free, but you have to do so using this paybill number: 714777.

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Online bank Loop by NCBA has adjusted its tariffs following days of complaints from customers, which were motivated by the lender’s move to revamp its platform. The development also saw Loop introduce charges that were not there in the first place; sending money to mobile money wallets now attracts a fee – and as we had highlighted in an earlier story, the fees weren’t really that attractive, considering it would cost a user KES 36 to send amounts above KES 1500, which was way higher than the competition.

Although the fees have been revised, we still think that Loop can do more than that if it really wants to be an attractive proposition to customers, some of whom are moving to the likes of I&M, which recently dropped all bank-to-mobile money charges.

Loop also has a long way to go in appealing to customers in terms of its app design. Weeks later, most customers are yet to figure out how to use the app, because it is cluttered and all functions have been moved to new positions, or are hidden in deeper menus. This shouldn’t be the case in a world where simplicity always wins. We hope this issue will be addressed in the coming days.

That aside, here are the new Loop tariffs as published by the bank:

Deposits from mobile money

If you deposit cash into your Loop account, it will now be free, but you have to do so using this paybill number: 714777.

Loop to mobile money Tills

Free

Loop to mobile money Pay Bills

AmountFee in KES
50-1000
101-5003
501-10009
1001-150012
1501-250018
2501-350024
3501-500033
5001-750039
7501-1500045
15001-3500060
35001-4500096
Above 45001105

Loop to mobile money

AmountFee in KES
50-1000
101-5006
501-100012
1001-150018
1501-250030
2501-350036
Above 350148

Loop to Loop

AmountFee in KES
50-5000
501-10006
1001-500012
Above 500136