CBA reveals number of M-Shwari customers
Mobile banking credit facility, M-Shwari has locked in 450,000 customers since the savings account was launched by the then Commercial Bank of Africa (CBA) in 2012.
The account allows M-Shwari customers to save for a defined purpose and for a specified amount of time, and is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.
The paperless banking service is offered through M-PESA, at a facility fee of 7.5 per cent per annum.
M-Shwari, which is celebrating seven years, has been a game changer and today providing financial services to over 31 million customers.
It has also enabled them manage their daily cash flows, as well as empowered Kenyans financially by helping to deepen financial inclusion in the country.
NCBA Group Managing Director (MD) John Gachora said the average lock savings on the facility was Sh8, 981 for an average of 7.5 months, adding that the service has since disbursed over Sh430.5 billion, with customers’ deposits of over Sh18.7 billion.
“We are particularly proud of the transformation witnessed among our M-Shwari customers with 42 per cent of all our loan disbursements being invested in business ventures. I reaffirm our commitment to continue playing a crucial role in providing life-changing financial support to all our customers,” said Gachora.
He said Kenyan households that use M-Shwari are better savers, maintaining at least one week of their home expenditures on M-Shwari lock savings,” said Gachora.
“As part of the celebrations, top M-Shwari customers have been awarded with deposits of Sh1,000 into their M-Shwari accounts while customers with outstanding loans between day 31 and 60 had a chance to repay within seven days and get a credit of Sh700 into their M-Shwari accounts between November 28th to December 4th 2019,” said Gachora.
Safaricom acting Chief Executive Officer (CEO) Michael Joseph the partnership with NCBA has enabled Safaricom “deliver M-Shwari as a revolutionary innovation that provides millions of Kenyans with formal access to credit and savings, many of them for the first time ever.”