Co-operative Bank of Kenya has unveiled a new short-term credit facility known as Kamilisha Transaction, designed to help customers complete transactions even when their account balance runs low.
The Kamilisha Transaction offers customers an overdraft of up to Ksh100,000, depending on their banking activity, salary deposits, and account turnover. The loan is unsecured and refreshes monthly based on the customer’s account behavior and repayment record.
“Your limit is refreshed monthly based on your account activity, repayment history, and eligibility criteria. Good transaction patterns and timely repayments can help you qualify for higher limits,” the bank said.
Affordable Short-Term Credit
Co-op Bank has positioned Kamilisha as one of the most affordable short-term loan options in Kenya. For instance, a customer borrowing Ksh1,000 will pay total charges of Ksh84.34, which includes access fees, excise duty, insurance, and a daily maintenance charge.
The cost breakdown is as follows:
- Ksh20 access fee
- Ksh4 excise duty
- Ksh0.34 insurance
- Ksh60 in daily maintenance fees (Ksh2 per day for 30 days)
This translates to a monthly credit life insurance premium of 0.034%, a daily maintenance fee of 0.2%, and a 2% one-time access fee.
Flexible Usage
Customers can make multiple withdrawals within 30 days (for salaried users) or 15 days (for business customers) within their approved limit. Even those with existing Co-op loans can access Kamilisha.
Repayments are automatically deducted from future account inflows, ensuring convenience and timely recovery.
How to Opt In
To activate Kamilisha:
- Log in to the Co-op Bank Mobile App or dial the USSD code.
- Select E-loans → Kamilisha → Opt-in.
- Accept the Terms and Conditions to confirm activation.
The loan integrates seamlessly into daily banking—if your funds are insufficient during a transaction, Co-op Bank will prompt you to complete the payment using Kamilisha instantly.
