Updates on Branch Loan App

Frequently Asked Questions about Branch App

1. What is branch?

Branch is a bank in your pocket. It makes it easy for people in Kenya to access loans, transfer money, pay bills and save at competitive rates. Visit their website to learn more.

2. Where is Branch located?

Branch has offices in Nairobi, Kenya; Lagos, Nigeria; Mumbai, India; and San Francisco, United States.

3. In which countries does Branch operate?

At the moment, Branch operates in India, Kenya, Tanzania, and Nigeria.

4. Is there a Swahili version of branch?

Yes! Kindly ensure you are using the latest version of the app. Then from your app go to “My Account”, then tap “App Settings”, then select “Language”, choose “Kiswahili” and tap “Submit” to save.

5. How do I get the latest version of the app?

You can go to Google Play, search for “Branch International” then click “Update”.

6. Which network does Branch support?

In Kenya, they support Safaricom. They hope to expand their coverage in the near future.

7. Do they have any vacancies?

Thank you for your interest! Kindly follow the link on their careers page to see a list of their current vacancies.

8. Can I call a Branch representative or visit the office?

At the moment, they do not provide customer support by phone number or in person. Please send them a message via the app any time, and they will help you resolve whatever issue you may have.

Savings

9. How does their savings account work?

• You can choose between their Flexi Savings and Target Savings products
  With their Flexi Savings, you can deposit and withdraw your savings anytime, earning interest of 6% p.a. Interest does not compound.
• With their Target Savings you can choose to open a Fixed Savings Account or Amount Goal Account.
• With Fixed Savings, you can deposit a minimum of Ksh 10 for 1-12 months and get your Savings amount plus returns paid to your Branch Wallet at maturity. You can also create multiple Fixed Savings, name them and select different maturity dates for each. Interest is calculated at the commencement of the saving/investment based on amount and tenure. Interest does not compound.
• With an Amount Goal account, you can set a savings amount and add to it manually, or periodically with our auto-debit feature. Funds can only be withdrawn when your goal has been reached. The minimum individual deposit you can make to your overall Amount Goal is Ksh 10. Interest is calculated daily based on the cumulative amount of money the user has deposited.
  Interest does not compound, but is stored separately and paid out on maturity with the principal amount.
• Liquidation
  In the event of an emergency liquidation for Target savings, reach out to our Customer Service team. Please note that by withdrawing your savings before maturity, all interest earned is forfeited.

10. How can I fund my savings account?

You can currently fund your savings from your Branch wallet or Mpesa. Once your Branch wallet is funded, tap the ‘Savings’ option and then select the type of savings you would like to create – flexi or target and proceed to customise your plan as you wish.

11. What’s the return on my savings?

For Flexi Savings, interest rates are based on the prevailing market rate which is calculated daily and paid every week. Your weekly interest earnings are added to your Flexi Savings account and you can withdraw the funds at any time into your Branch wallet.

For Target Savings, interest is based on the prevailing market rate.

12. Can I withdraw from my savings account at any time?

• With our Flexi Savings, you can withdraw your funds at any time.
• With Target Savings

Fixed Savings can only be withdrawn at the maturity date you selected when beginning your savings.
Amount Goal can only be withdrawn once the total amount target you input at the beginning of your savings has been reached.

13. How do I know my savings is safe?

Branch is a socially responsible company and does not invest in high-risk financial instruments that are volatile and unstable. Savings done through the Branch app are in low-risk securities with capital preservation as the ultimate goal. They are licensed by the Central Bank of Kenya to provide fund management services, they take the appropriate steps to ensure that your funds are safe and they are able to return them to you when you need them. They encourage you to also seek professional advice before investing your funds.
Their deposits are also insured by The Kenya Deposit Insurance Corporation (KDIC).

My Account

14. How do I change my personal details?

To edit your personal details, click on My Account, or tap on the person icon on the top right corner of your screen that takes you to “My Account”. Then tap “Profile” to update your personal information.

15. How can I add a new mobile money number?

To register a new mobile money number, click on “Add Account”.

16. How do I validate my mobile money account?

Branch asks you to validate your mobile money account to ensure that it is a supported carrier and that it belongs to you. Click on their App from an android phone, and then click on the phone number labeled NOT VALIDATED that you wish to use as your Branch phone number.

Click “Validate” and then “Continue”. You will receive an SMS message with a 4-digit code that you will enter in the app to validate the number.

17. Why is my SIM unsupported?

You may see this error message if Branch is unable to detect the required SIM in your phone. Kindly remove all other SIMs from your phone and leave only the Safaricom SIM you want to use and then log back into Branch. You should be in a position to add your number and proceed to validate it.

18. Can I change my national ID number after I receive a loan?

At Branch, they conform to the highest standards of data integrity. This means that you cannot change information that was previously used to process a successful loan application. Apologies for any inconveniences caused.

19. Can I delete my account?

If you would like to delete your account, please make sure that you have repaid all of your loans and then write to them on the in-app chat or email them at kenya@branch.co with your request.