Over 10 million mobile phone users are now using M-Shwari, the bank behind the revolutionary product has reported. Commercial Bank of Africa (CBA) launched the platform two years ago in partnership with Safaricom and according to the Bank’s MD Mr Isaac Awuondo, the platform has received positive reviews from the users.
“M-Shwari has revolutionised the cash-light drive in East Africa and we have crossed the 10millionth mark,” noted the MD. Launched in November 27 2012, M-Shwari allows M-Pesa users to deposit money and save in their accounts. Customers can also borrow loans. So far M-Shwari has over Kshs153 billion deposits since launch, a positive sign that East African nations have embraced digital financial inclusion.
“This milestone is about how to scale social innovation in banking to expand financial inclusion by offering a simple and affordable model to reach out to millions of Kenyans who want to save or borrow in a convenient, fast, reliable and affordable manner, to help them meet their daily needs,” added Mr Awuondo.
The bank has extended loans amounting to over Ksh29billion, processing an average of 50,000 loans per day since the launch of the product. 59% of M-Shwari customers are male while women account for 41% of the customer base, with the highest usage witnessed among 24-35 year age group. Women are however using the savings product more, while men over of 40 years are saving at a higher rate than their younger male counterparts.
