The Loop account from NCBA targets the youthful with its “unbanking” motto which promises to make the inconveniences of traditional banking a thing of the past.
While this may at first come across as a “marketing gimmick” the bank manages to live up to the challenge thanks to a well-thought-out and comprehensive mobile app.
The Loop account also comes with a debit MasterCard which you can use for making payments including online transactions such as verifying your PayPal account.
The account’s unorthodox approach is nonetheless subject to the model through which banks rely on to make revenue from account holders; that is, bank charges.
Loop Account Charges
Some of the charges that are imposed on various services and transactions available to loop account holders include:
- money transfers: loop to loop account, mobile money (M-PESA, Airtel Money), EFT, Pesa Link and RTGS
- branch and ATM withdrawals
- bill payments
- debit orders and processing
- point of sale
- loan and overdraft interest rates
- loop investment options
- bank statements
An official detailed summary of all these charges can be found in the image below:
For currency exchange rates that are used for when you transact with your Loop Debit Card (e.g when you transact online in dollars) please refer to the daily rates published on the NCBA site here.
Note: The above tariffs are dated as of July 2020. For a more recent version please check the footer on the NCBA Loop site or consult the bank.