Some users are not able to add their bank accounts for automated loan repayment because those banks don’t support Remita’s direct debit system.
As of now, First Bank, Stanbic IBTC, and Standard Chartered aren’t available for Remita-powered deductions. That’s why users are not able to add their bank accounts for automated deductions. The system blocks these banks automatically to prevent failed repayments or broken mandates. Some use cases include:
- A borrower trying to set up automated loan repayment hits a wall when their bank isn’t supported.
- Lenders offering interest discounts for auto-repay customers may lose borrowers using restricted banks.
- Promotional loan campaigns tied to recurring repayments may leave some users out due to limited bank support.
Encourage users to use banks that support Remita to enable stress-free automated loan repayment and avoid default risks.
Read further: How direct debit works in Kenya