M-Shwari hits 10 million accounts, advancing Sh29B in loans

Friday, March 6, 2015

Mobile banking product M-Shwari has hit a major milestone by reaching 10 million accounts, just two years after the virtual banking product was launched.

M-Shwari, a joint partnership between CBA and Safaricom, signed their 10 millionth customer yesterday with the bank revealing the mobile financial product has handled a total of Sh153 billion.

Commercial Bank of Africa CEO Isaac Awuondo says the milestone has shattered the myths about how to scale innovation in banking to expand financial inclusion by offering a simple and affordable model.

Source: Capital FM (link opens in a new window)

financial inclusion, microfinance, mobile finance