International Lenders Battle to Keep Up With Kenyan Rivals as Mobile Borrowing Turns Into a Craze
Six broke university students were sitting in a room at Maseno University back in 2013, discussing how best to spend their Friday night.
Without money, however, their options were looking pretty limited and very dull. As they glanced down at their phones in the hopes of finding a miracle, one of the students came across a text message he had received from M-Shwari, a mobile loans product that had launched a year earlier.
He excitedly told his friends about it, and suddenly, their Friday night began to look a lot more interesting.
They quickly signed up and by making a small deposit into their M-Shwari mobile wallets, they unlocked loan limits to access quick cash.