Leading service provider Safaricom partnering with Commercial Bank of Africa has announced plans to increase the number of M-shwari customers a Paperless banking platform offered to M-pesa customers in the coming months.
M-shwari allows subscribers to open a bank account with CBA through their mobile phones, save money and borrow loans against their savings. with the help of Mshwari, CBA clocked 21.12 million mark of kenyans in the formal financial fold by September 2013, giving over 30,000 loans a day.
The move by the two organizations is in a bid to fulfill the country’s financial inclusion agenda as well as give Kenyans a chance to access formal financial services using the revolutionary service.
“M-shwari has registered immense success since it was lauunched in November 2012. so far loans amounting to over 7.8 billion disbursed, out of more than kshs 24 billion that has been deposited into customers M-shwari accounts. one wonders where all these amounts would have been had it not been for M-shwari,” said safaricom’s CEO, Bob Collymore.
M-shwari now stands at a different light compared to when it was first introduced now being an enabler to economic and social development .
Over 30 million will be up for grabs during the three-month promotion targeting both new and existing M-shwari customers with prizes to win; 5 million Grand Prize, while each week a customer will win 1 million, ksh 100,000 every day for 15 customers and 100 randomly selected customers will have their Mshwari savings doubled during the promotion that runs until March 20th, 2014.