M-Shwari customers who have been locked out of their accounts will starting tomorrow (Saturday) 6 p.m. be able to access their savings.
Commercial Bank of Africa (CBA) today said 17,700 clients were unable to access savings and fixed accounts after the network assigned them separate account details, blocking access to their deposits.
Customers reaching out to CBA and Safaricom #ticker:SCOM were told to be patient as their issues got resolved.
The bank, together with telecommunications giant Safaricom, operate the mobile banking service.
“We are undertaking specific reconciliation of these customers activities to ensure that they are aligned to the appropriate transacting accounts. We expect this exercise to be concluded by 6pm on Saturday, December 30,” said CBA Group Managing Director, Isaac Awuondo, in a statement Friday.
Most people use M-Shwari either as a savings tool or as an avenue for accessing small loans conveniently and quickly.
The service was started mainly as a credit facility for those who have been locked out of the loans market for lack of collateral and a credit history.
M-Shwari was positioned as a pioneer financial service that promotes a culture of saving among ordinary Kenyans and allows those without collateral to access loans through their mobile phones.