Mpesa’s Mshwari has disbursed loans amounting to over Ksh 430.5 billion since its inception 7 years ago.
Mshwari has over 31 million customers in Kenya with deposits of over Ksh18.7 billions. It has also attracted over 450,000 customers with the average lock savings being Ksh8,981 for an average of seven and a half months.
These lock savings have been o fgreat help to customers as they get to save for a desired period of time and then withdrawing at the end of it to use to run their errands.
Speaking during an event to celebrate Mshwari’s seven year anniversary, NCBA Group Managing Director John Gachora said he was glad to have witnessed the tremendous growth and what Mshwari has achieved so far.
“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,” he said
“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.
“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.
As a celebration for their seven year milestone, 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.
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