This archive report was first published on 15 December 2019.
On its seventh anniversary, M-Shwari has achieved a significant milestone, with a record Sh430.5 billion in loans to Kenyans since its introduction in 2012.
According to statistics from Safaricom and NCBA Group, the service has attracted over 31 million customers in Kenya who save through M-Shwari.
The mobile lending service has become a hit with young people in Kenya, who seem to have a large appetite for borrowing while also providing convenience for those seeking short-term credit.
One of the popular features on M-Shwari is the lock savings account, which has more than 450,000 customers with an average savings of Sh8,981 each for an average savings period of 7.5 months.
Since its launch in November 2012, customer deposits currently stand at Sh18.7 billion.
As part of its anniversary celebrations, M-Shwari deposited 1,000 shillings into the mobile accounts of its top customers.
