It’s been 5 years since the inception of M-Shwari. A partnership between Commercial Bank of Africa (CBA) and Safaricom which incorporates a mobile lending and saving solution. Being the first of its kind, the financial service currently has 21.1 million customers.
Mobile Money in Kenya has grown since then making it easy and convenient to access finances right from the comfort of where you may be. M-Shwari has made it easy for customers to be able to save and borrow money without having to go to the bank. There are also less requirements to be able to access money online. The Financial Technology scene in Kenya was revolutionized from the inception of M-PESA in 2007 which has led to other financial milestones in the Industry.
In celebration for achieving great milestones in the Financial Sector, M-Shwari will introduce segmented pricing and enhance customer experience. This will majorly affect customers who have exhibited good savings and loan repayment behaviour, they will enjoy improved pricing as from next week.
They will also introduce discount on the M-Shwari facility fee to all M-Shwari customers that repay their loans within 10 days.As from January, customers will receive better M-Shwari experience as Mshwari will now be accessible from the MySafaricom App.
Isaac Awuondo, Group Managing Director, CBA in a statement said, “These product enhancements are an illustration of investment in research, our deeper understanding of customer behaviour and benefits of leveraging technology to effectively address customer needs. Through these, we are able to make an even bigger contribution in deepening financial inclusion in Kenya.”
Sylvia Mulinge the Safaricom’s Director for Consumer Business added, “This partnership is one of the best illustrations of what two like-minded organisations can do, if they keep their focus on improving the lives of their customers. We commit to continue playing our part in ensuring that Kenya continues to be one of the best case studies for financial inclusion globally.”
We cannot wait to access an easier and improved M-Shwari service.