CBA Loop, Best Banking App to Get Your Financial Act Together

Eric Muriuki, GM, New Business Ventures at CBA Group takes guests through the CBA Loop enhancements.
Customer satisfaction is what every financial institution aspires to achieve. This is what is ordinarily what they strive to do each day, gain the customer trust.

As a result, Kenyan banks continue to put more emphasis on alternative revenue streams to boost their Non-Funded Income and adopt an efficient operating model through alternative banking channels and digitization in order to remain profitable under the tough operating environment.

This has led to the adoption of mobile banking apps that offer payment capabilities – person-to-person (P2P) payments. Therefore, mobile apps have become the primary interaction channel for retail bank and credit card customers.

However, most financial institutions are yet to get it right in terms of usability, feature sets, and customer engagement.

The Central Bank of Kenya (CBK) once noted current innovations have mainly addressed the issue of the convenience of financial products and services to the general public.

“As a regulator in the financial sector, our focus now is to enhance the usage of the existing financial innovations as well as assessing the quality of the products and services offered to the consumers,” Dr. Patrick Njoroge, CBK Governor had observed.

Commercial Bank of Africa (CBA) has unveiled its updated revolutionary digital banking service, Loop which will track every shilling that flows into and out of your bank account so you can see exactly how much you’re earning and spending. 

The loop app connects directly to your bank and categorizes all your account activity, including the cash you withdraw and spend.

CBA General Manager for New Business Ventures, Eric Muriuki, “This is a financial product solution for the millennial customer. Experience banking inspired by you for you.”

“In the past, banks were designed for transactions and approval processes, not for experiences. This is our fundamental change. We have redesigned the app from scratch to give a more frictionless experience to help customers manage their money in a much more rewarding way,” adds Erick.

Besides the Loop App enables a customer to see the categories where he/she is spending the most cash and the inroads being made on their designated budget. 

The app puts together graphs and visualizations to better demonstrate how one is spending money.

Surprisingly, the upgraded loop app shows ones’ credit rating and uses data to qualify for KES 3 Million and overdraft of KES 100,000 making Loop the only digital banking platform that can disburse such amounts without a visit to the bank and all the paperwork associated with traditional financial sector models.

CBA has also revised the tariffs offered through its revolutionary digital banking service, Loop, and zero-rated some transaction charges, as more customers embrace the benefits of accessing financial services via mobile.

Loop-to-Loop transactions, purchase of airtime, and payments through Safaricom’s Pay Bill and Buy Goods and Services will be free, while the transaction charges for Loop to M-PESA and ATM withdrawals have been reduced by 44% and 40% respectively.

Muriuki, “The new transaction services, coupled with benefits such as the ability to track your expenses, set financial targets and make savings, now position Loop as the most dynamic digital banking service in the market today and the best tool to have for all your financial service needs.”

Since its launch in  March 2017, Loop has been marketed using the tagline “Unbank Yourself” as it eliminates the need for visiting a physical branch for any of the core banking services, which are offered through a mobile platform.

Loop in Numbers

 29,000 customers26 – 35 years – Average age13,000 KES average amount68% mobile phones vs 32% Card users70% card transactions are e-commerce.45% – bill payment38% entrepreneurs are in business or consultancy.