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Safaricom CEO Bob Collymore says this is out of the more than Sh24 billion that has been deposited into customers' M-Shwari accounts/FILE

Finance

Sh7.8bn loans disbursed via M-Shwari

Safaricom CEO Bob Collymore says this is out of the more than Sh24 billion that has been deposited into customers' M-Shwari accounts/FILE

Safaricom CEO Bob Collymore says this is out of the more than Sh24 billion that has been deposited into customers’ M-Shwari accounts/FILE

NAIROBI, Kenya, Feb 6 – The Commercial Bank of Africa (CBA) and Safaricom have so far disbursed Sh7.8 billion in loans via M-Shwari since its launch in November 2012.

Safaricom CEO Bob Collymore says this is out of the more than Sh24 billion that has been deposited into customers’ M-Shwari accounts.

The two organisations now aspire to grow the number of people using the product that allows them to save and borrow loans against their savings, from the current six million.

Speaking during the launch of consumer promotion for M-Shwari customers, Collymore said the move will boost the number of Kenyans in the formal financial fold from 21.12 million according to the Central Bank of Kenya, giving them a chance to access formal financial services.

“M-Shwari has registered immense success since it was launched in November 2012. So far loans amounting to over Sh7.8 billion disbursed, out of the more than Sh24 billion that has been deposited into customers M-Shwari accounts. One wonders where these amounts would have been had it not been for M-Shwari,” said Bob Collymore.

“We no longer see the mobile technology as mere communication tools but as enablers to economic and social development. With M-Shwari we are proud to contributing towards the financial inclusion agenda,” he added.

Commenting on the developments the CEO of CBA, Jeremy Ngunze said they were optimistic that the consumer promotion we’ll see more people save and borrow loans for their economic activities.

Over Sh30 million will be up for grabs during the three-month promotion that will target existing and new M-Shwari customers.

One customer will take home the Sh5 million Grand Prize, while each week, one customer will win Sh1 million and 15 customers will win Sh100,000 each.

Every day, 100 randomly selected customers will have their M-Shwari savings doubled during the duration of the consumer promotion.

All prizes will be paid directly to the customers M-Shwari accounts, during the promotion that starts Thursday and runs until March 20.

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