Kenya's Commercial Bank (KCB) has launched M-Benki services, which would enable customers to borrow and save money online.

The offering is planned to utilise Safaricom's money transfer service commonly known as M-Pesa.

“We hope to reach an estimated 10 million unbanked Kenyans and more people across East Africa," an official said.

KCB is the second bank to introduce such a service after the Commercial Bank of Africa (CBA), which launched the M-Shwari service late last year.

Meanwhile, Safaricom indicated that the M-Shwari service had over 2million customers.

Safaricom data further indicated that about 65% of M-shwari service subscribers were male and 46% were young Kenyans who deposited an average $11.7 and take out loans of $13.