Mpesa’s credit facility, M-Shwari advances loans worth US$4.23b in seven years

KENYA – Mshwari, a mobile banking platform formed through a partnership between mobile services provider Safaricom and NCBA- one of the leading banks in Kenya, has disbursed loans amounting to over US$4.23 billion( Ksh 430.5 billion) during the seven years that it has been in existence.

Mshwari also reported that it has also attracted over US$184 million (about KSh 18.7 billion) in customer deposits from about 450,000 with the average lock savings being Ksh. 8,981 for an average of seven and a half months

M-Shwari is a suite of banking products that are offered to M-PESA customers via their handset to enhance the M-PESA value proposition.

With M-Shwari, one has access to Deposit and Loan products that are convenient, reliable and cost-effective for making micro-savings and taking micro-loans.

The Lock savings option enables 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,“ said NCBA Group Managing Director John Gachora

M-Shwari is celebrating its seven-year anniversary this week since it’s official launch on November 27, 2012.

Top M-Shwari customers were awarded with deposits of Ksh 1,000 into their M-Shwari accounts while those 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 during the promotional period.

M-PESA aims to provide our customers will relevant financial solutions that create an impact in their daily lives,” said Michael Joseph, CEO, Safaricom.

“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.”

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