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CBA celebrates five years of M-Shwari as clients cross 18m mark

M-Shwari charges a one-off facility fee of 7.5 per cent on the loan. FILE PHOTO | NMG
M-Shwari charges a one-off facility fee of 7.5 per cent on the loan. FILE PHOTO | NMG 

Safaricom #ticker:SCOM and Commercial Bank of Africa’s (CBA) virtual banking platform M-Shwari is marking five years on Wednesday with registered customers having crossed the 18 million mark.

The M-Shwari service, run by the telecoms giant and the privately held lender under the mobile money platform M-Pesa, was rolled out five years ago as a credit facility for those who have been locked out of the loans market for lack of collateral and credit history.

It was positioned as a pioneer financial service that promotes a culture of saving among ordinary Kenyans and allows those with no collateral to access loans through their mobile phones.

In a statement to the media on the event today, the two companies said they would announce product enhancements.

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