Kenya's biggest bank in terms of assets, Kenya Commercial Bank, has announced that it has seen great growth in the KCB MPesa product.

The product allows users to open virtual bank accounts, deposit and withdraw money through mobile money. Users can also apply and receive their loans through their mobile phone.

"Latest data on the KCB Mpesa proposition show the number of users currently stands at 2.1 million, while over Kshs 2 Billion has been disbursed in loans for the past four months it has been in existence—an average of Kshs 130 million weekly," the bank reported during the announcement of its half year results.

Joshua Oigara, the CEO of the bank said that they are looking for more investments in telecommunication products and heighten its focus on digital payments.

"As we gradually transform the business into a stronger regional player, we will continue seeking new partnerships and strengthening the existing ones. This is what is driving our profitability as a business. We have in place a model to enhance operational competencies, revenue generation and drive greater efficiencies across the markets," Oigara said.

The company also announced that they have committed to donate Kshs 1 billion over the next three years in Enterprise Kenya, a government led investment fund to support SMEs in the country. Enterprise Kenya is set to be unveiled in early October.