M-Shwari loans hit Ksh.430B in seven years
Published on: December 12, 2019 09:39 (EAT)
The last 7 years have seen mobile lending service M-Shwari disburse loans amounting to over Ksh 430.5 billion. It has attracted over 450,000 customers with the average lock savings being Ksh. 8,981 for an average of seven and a half months. Lock savings enable customers to save for a defined purpose and for a specified amount of time. “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,” said NCBA Group Managing Director John Gachora. Customer deposits are reported to be over Ksh 18.7 billion with M-Shwari cementing its leading position with over 31 million customers in Kenya. M-Shwari is celebrating its seven-year anniversary this week since it’s official launch on November 27, 2012. “We are particularly proud of the transformation witnessed among our M-Shwari customers with 42% of all our loan disbursements being invested in business ventures. I reaffirm our commitment to continue playing a crucial role in providing life-changing financial support to all our customers”, Gachora added. Top M-Shwari customers were awarded with deposits of Ksh 1,000 into their M-Shwari accounts. Customers with outstanding loans between day 31 and 60 had a chance to repay within seven days and get a credit of Ksh. 700 into their accounts between November 28 to December 4 this year. “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, ” said Michael Joseph, CEO, Safaricom.