This archive report was first published on 12 December 2019.
Since its launch on November 27, 2012, M-Shwari has revolutionized mobile lending in Kenya, providing millions of Kenyans with formal access to credit and savings.
As of 2019, the service had 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, contributing to the economy by promoting inclusion planning and empowering customers to effectively manage their cash flow.
According to NCBA Group Managing Director John Gachora, Kenyan households that use M-Shwari are better savers, maintaining at least one week of their home expenditures on M-Shwari lock savings.
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.
As M-Shwari celebrates its seven-year anniversary, the service has also seen 42% of all loan disbursements being invested in business ventures, a testament to its impact on the lives of its customers.
As part of the celebrations, top M-Shwari customers were awarded with deposits of Ksh 1,000 into their M-Shwari accounts, while 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.
Michael Joseph, CEO of Safaricom, praised the partnership with NCBA, saying it has enabled the delivery of M-Shwari as a revolutionary innovation that provides millions of Kenyans with formal access to credit and savings.
