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The app’s lock saving feature has attracted over 450,000 customers with the average lock savings being Sh8,981 for an average of 7.5 months/FILE

Kenya

M-Shwari loans hit Sh430bn since inception

The app’s lock saving feature has attracted over 450,000 customers with the average lock savings being Sh8,981 for an average of 7.5 months/FILE

NAIROBI, Kenya, Dec 11 – The last 7 years has seen mobile lending service M-Shwari disburse loans amounting to over Sh430.5 billion with customers’ deposits of over Sh18.7 billion.

Speaking during the app’s 7-year anniversary, NCBA Group Managing Director John Gachora said the app’s lock saving feature has attracted over 450,000 customers with the average lock savings being Sh8,981 for an average of 7.5 months.

According to Gachora, 42 percent pf all loans disbursements were invested in business ventures.

“We are glad to witness the success and growth of M-Shwari. The service has provided a convenient and secure solution to many, contributing to the economy by promoting inclusion planning and empowering our customers to effectively manage their cash flow. Kenyan households that use M-Shwari are better savers, maintaining at least one week of their home expenditures on M-Shwari lock savings,” Gachora said.

Safaricom Interim CEO Michael Joseph added that the app’s users are better savers, maintaining at least one week of their home expenditures on M-Shwari lock savings.

“M-PESA aims to provide our customers will relevant financial solutions that create an impact in their daily lives. Our partnership with NCBA has enabled us to 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, ” Joseph said.

The app was founded in 2012, through a partnership between NCBA Bank, formerly Commercial Bank of Africa, and Safaricom’s M-Pesa.

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