By Fred Obura
Kenyans have save over Sh150 million with M-Shwari in just three weeks with the youth leading in customer numbers.
M-Shwari, the new banking product that seeks to widen financial access among Kenyans, has roped in 645, 000 savers in a short span in an emerging case study that sets the pace for accelerated financial inclusion within the economy.
Since the launch of M-Shwari, a banking product of the Commercial Bank of Africa (CBA) offered through Safaricom’s M-Pesa platform, has seen about 40,000 Kenyans signied up for the service daily, making its up-take a compelling financial service.
Commenting on the latest data Isaac Awuondo, CBA’s Group Managing Director, says that M-Shwari’s take-up so far is laying the foundation for what is likely to become a revolution in the financial system and a sneak preview to the future and rapidly changing world of mobile banking.
“We are trying to encourage a savings culture. No economy can develop in an effective manner without a strong savings culture,” explained Awuondo.
The product has received overwhelming support from the youth with those in the ages of 26-35 forming 43.5 per cent of the current customer base.
Kenyans so far have saved over Sh150 million through M-Shwari and loans currently standing at over Sh50 million with healthy repayment trends already noted.
“We are going beyond the brick and mortar concept of banking and enabling Kenyans to join the world of finance with a mobile phone,” said Awuondo.