Plans are in place by the Commercial Bank of Africa (CBA) to launch M-shwari mobile services in the West African republic of Ivory Coast.
Speaking during an interview, Chris Pasha who is CBA’s head of marketing said that their feasibility studies conducted on Cote D’Ivoire have proved the country to be a very promising market, adding the lender’s strategic plan is to have its M-shwari services operational in 10 countries by the year 2020.
CBA will be the first Kenyan bank to have ventured into the West African financial market. The lender disclosed that its expansion into Ivory Coast will be in partnership with MTN, the South African telecom with whom it already collaborates with in Uganda and is planning to launch the service with in Rwanda by April. In August, this year, CBA and MTN launched MoKash in Uganda. The partners have since registered 1.23 million customers and processed 257,000 loans.
CBA’s expansion into the West African nation will make it the fifth country where the mobile credit and savings platform, which has registered huge success in Kenya, will be available.