The institution charged with insuring customer deposits with commercial banks said Tuesday it had turned to the debt collectors in a new strategy to net defaulters conveniently instead of using lengthier legal avenues.

“We are looking for professional debt collectors,” KDIC chief executive Mohamud Ahmed told the Business Daily.

Customers will access loans of up to Sh3 million within a 48-hour turnaround period, facilitated through a new facility dubbed Wezesha Express.

The loans will be advanced at 13 percent interest rate and repaid within three years.

“The Wezesha Express is a new proposition we included because we know he customers need speed and efficiency. Customers will need to produce 12-month bank statements from any bank or M-Pesa transactions,” director of business banking at Absa Bank Kenya, Elizabeth Wasunna said.