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.
In launching M-Shwari, CBA has taken an innovative approach to provide banking services to Safaricom’s 19 million customers through M-Pesa.
“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.