mKey digital banking service Transaction Costs and How to Apply, get Approved for a Loan

mKey loans app can be downloaded from the play store

mKey is a digital banking service unveiled by Equity bank’s sister company – Finserve Africa a few months ago that works just like other loan apps in existence. It runs on android operating system and touts to include additional functionality in comparison with similar services on the market including chatting with friends, paying bills, reading news, applying for loans and saving. The app which can be downloaded from the Google Play Store has an inbuilt keyboard through which users can access custom emojis and Gifs that users may use while chatting with others.

 While mKey is meant for loan applications; it comes with additional related features that let users complete several transactions on the app rather than having to transfer money to different mobile wallets or even withdraw before paying utility bills,purchasing airtime or even shopping. And if you don’t need the loan facility, mKey accounts, can be topped up using Mpesa, Equitel or deposits through Equity bank agents. While we expect the service to even support diaspora remittances at a later date, mKey is pretty feature rich in comparison with similar android loan apps.

How to apply for an mKey Loan

To be precise, mKey has a mobile wallet account that’s not linked to your bank account and allows users to buy airtime, buy goods, pay bills, send money via social media and save.

  • As with any other loan app, users first need to have an android phone, then download the app from Google’s Play Store
  • Once you’ve installed the mKey app, you’ll need to provide some details through a simple registration process. To do this, You’ll need a Facebook or a Google account.
  • During the registration process, you’ll to provide personal details such as a mobile number, government ID and later confirm your email address.
  • After completing the above process, the mKey app will let you know how much money you can borrow. The amount should range from Ksh.300 to Ksh. 1 Million. The maximum amount one can borrow depends on the borrower’s credit score, repayment history, transactions among other factors.
  • mKey loans attract an interest rate of 9%.

mKey digital banking service Transaction Costs /Tariffs

Range Pesalink Mpesa/Airtel Paybills Agent
         
1-100 0 20 0 30
101-500 0 20 22 30
501-1000 25 25 22 30
1001-1500 15 35 33 30
1501-2500 20 50 33 30
2501-3500 20 55 55 54
3501-5000 20 70 55 54
5001-7500 50 90 83 91
7,501-10.000 50 100 83 91
10,001-15,000 80 105 110 175
15,001-20,000 80 115 110 175
20.001-35.000 80 115 110 206
35,001-50,000 80 N/A 198 236
50.001-100.00 100 N/A 220 272
100.001-500.000 300 N/A N/A N/A
500,001-999.999 500 N/A N/A N/A

No transaction costs on mkey to mkey, mkey Balance Enquiry, mkey Mini-statement and mkey Deposit

mKey Statement by Email cost is Ksh.20 fixed
mKey to RTGS Cost is Ksh. 550 fixed
mKey ATM Withdrawal Cost is Ksh.30 fixed
mKey to SWIFT transaction Cost is Ksh.1650 fixed

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