The M-Shwari platform has launched a promotional initiative
aimed at encouraging a saving culture among Kenyans and increasing the customer
base from the current six million.
Speaking during the launch of the promotion at
Safaricom House Thursday, Commercial bank of Africa CBA- who operates M-Shwari-
CEO Jeremy Ngunze said the initiative is aimed at building a saving culture
among Kenyans.
Ngunze said that the majority of their clients are
the youth who at many times do not have the collateral to get loan through the
other banking loan options.
“We do not require collateral and the only
collateral we need is the savings records of the customer how they repay their
loans and their transactions through M-Pesa,” said Ngunze.
He said that that M-Shwari has deposits of Kshs.200
million daily and disburses over Kshs.30 million loans daily and has disbursed
Kshs.7.8 billion since its inception in November 2012.
“Our bad debts ratio is even below the industry
average with only 120, 000 defaulters who we have reported to the credit
reference bureau and they cannot access loans from any other institution,”
Ngunze said.
He called on Kenyans to embrace a good borrowing
and repaying culture which will increase their portfolio and they can get
bigger loans.
Ngunze said the portfolio of more than 1.5 million
customers has grown by more than 400 percent in only six months giving the
customers ability to get bigger loans and transform their lives.
Safaricom CEO Bob Collimore said that embracing a
savings culture will uplift the individuals’ life and drive the economic agenda
of the nation since the citizens will have the capital to invest.
Collimore said that they no longer see the mobile
technology as a mere communication tool but as an enabler to economic and
social development and with M-Shwari they will be part of the financial
inclusion.
He added that the move will boost the number of
Kenyans in the formal financial fold from the current 21.12 million according
to the Central bank of Kenya September 2013.
The promotion dubbed Fanikisha na M-Shwari will see
one customer win Kshs.5 million in the grand prize with a weekly winner of
Kshs.1 million and 15 customers will win Kshs.100, 000 every day and 100
randomly selected customers will have their M-Shwari savings doubled during the
promotion.
The promotion will run from February 6 to March 20
2014.
source KBC
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