MShwari has introduce segmented pricing as well as fee rebates to customers who repay their loans within 10 days whilst leveraging on technology to address customer needs.
The move set to begin a week before this end-year’s festive season was launched by Commercial Bank of Africa (CBA) and Safaricom to mark the 5th anniversary of M-Shwari to support customers with positive credit histories.
“Five years ago, we embarked on a journey into uncharted territory when we launched the first mobile-based savings and loans product in Kenya. These product enhancements are an illustration of investment in research, our deeper understanding of customer behaviour and benefits of leveraging technology to effectively address customer needs. Through these, we are able to make an even bigger contribution in deepening financial inclusion in Kenya,” said Isaac Awuondo, Group Managing Director, CBA.
In addition to the pricing improvements, M-Shwari will be accessible from the MySafaricom App from January 2018.
“This partnership is one of the best illustrations of what two like-minded organisations can do, if they keep their focus on improving the lives of their customers. We commit to continue playing our part in ensuring that Kenya continues to be one of the best case studies for financial inclusion globally,” Sylvia Mulinge, Safaricom’s Director for Consumer Business said.
M-Shwari was launched on 27th November 2012, as a mobile savings and loans solution for M-Pesa customers and has since enrolled 21.1 million in Kenya with over Kshs. 230 billion has been disbursed in loans over the 5 years. The average loan per customer is an average of Kes. 3,300 per customer. Savings by customers currently stand at more than Kes. 12.6 billion.