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
| Amount | Fee in KES |
| 50-100 | 0 |
| 101-500 | 3 |
| 501-1000 | 9 |
| 1001-1500 | 12 |
| 1501-2500 | 18 |
| 2501-3500 | 24 |
| 3501-5000 | 33 |
| 5001-7500 | 39 |
| 7501-15000 | 45 |
| 15001-35000 | 60 |
| 35001-45000 | 96 |
| Above 45001 | 105 |
Loop to mobile money
| Amount | Fee in KES |
| 50-100 | 0 |
| 101-500 | 6 |
| 501-1000 | 12 |
| 1001-1500 | 18 |
| 1501-2500 | 30 |
| 2501-3500 | 36 |
| Above 3501 | 48 |
Loop to Loop
| Amount | Fee in KES |
| 50-500 | 0 |
| 501-1000 | 6 |
| 1001-5000 | 12 |
| Above 5001 | 36 |
