M-SHWARI now has 10 million customers on its platform

0

cba

Commercial Bank of Africa signed on their 10 millionth customer on M-Shwari this week. This makes CBA the country’s largest bank by customer numbers. M-Shwari is a partnership between Safaricom and CBA and was launched on 27th November 2012. M-Shwari offers savings and loans services through mobile phones.

Mr. Isaac Awuondo, CBA’s Group Managing Director said “this cements CBA’s credentials as the category leader in this space.” M-Shwari is leading the revolution towards a cash-light economy in East Africa, and today it ranks as one of the world’s most successful full service mobile banking deployment that has managed to reach scale in just over 2 years.

M-shwari has had deposits of over Ksh. 153 billion since its launch. CBA has given out loans amounting to Ksh. 29 billion and the bank processes an average of 50,000 loans a day. These loans do not demand security and are also easier to get as customers do not have to go to the bank to apply for the loans but apply using their mobile phones.

The M-Shwari product is an innovative product that expands financial inclusion to millions who would not have been able to access banks for loans. It also encourages a saving culture as it is easier to lock in savings until they are required.

According to a demographic survey done by CBA, 59% of the customers are male and 41% are women. The highest usage is among the 24-35 year age group. Women use the savings products more and men over 40 are saving at a higher rate than their younger male counterparts.

Facebook Comments