Kenyans have borrowed Sh430 billion since M-Shwari was launched
M-Shwari has hit a record Sh430.5 billion in loans to Kenyans, seven years after the mobile lending service was first introduced in the Kenyan market.
Statistics from Safaricom and NCBA Group, the brains behind the innovation, indicate that M-Shwari now has over 31 million customers in Kenya who save through the service.
M-Shwari has become a hit with young people in Kenya who seem to have a large appetite for borrowing while at the same time providing convenience for those seeking short-term credit.
A popular feature on M-Shwari, the lock savings account, is said to have more than 450,000 customers who have average savings of Sh8,981 each for an average savings period of 7.5 months.
Since the launch of the service in November 2012, statistics indicate that customer deposits currently stand at Sh18.7 billion.
M-Shwari celebrated its 7-year anniversary this year and as part of awarding its top customers, the mobile service deposited 1,000 shillings into their mobile accounts.