Deposits in mobile lending platform M-Shwari dropped 44.1 percent during the year to March this year to stand at Sh416.7 billion, down from the Sh745 billion recorded in a similar period in 2022, marking the first-ever decline since the platform was unveiled in November 2013.
The decline means that Kenyans on average deposited Sh1.14 billion daily in their M-Shwari savings accounts, reflecting a decline of almost half from the Sh2.04 billion daily savings posted in the preceding financial year.
