M-Shwari has hit a record 430.5 billion shillings in loans to Kenyans 7 years after the mobile lending service was first introduced in the Kenyan market.
Statistics from Safaricom and NCBA Group, the brains behind the innovation indicate that M-Shwari now has over 31 million customers in Kenya who save through the service.
M-Shwari has become a hit with young people in Kenya who seem to have a large appetite for borrowing while at the same time providing convenience for those seeking short-term credit.
A popular feature on M-Shwari, the lock savings account is said to have over 450,000 customers who have average savings of 8,981 shillings each for an average savings period of 7.5 months.
Since the launch of M-Shwari in November 2012, stats indicate that customer deposits currently stand at 18.7 billion shillings.
M-Shwari celebrated its 7-year anniversary this year and as part of awarding its top customers, the mobile service deposited 1,000 shillings into their accounts.
One advantage of the M-Shwari lock savings account is that it ensures your saved amount is safe and easy to deposit.
Another advantage is that the weekly or monthly savings lead to your loan limit increasing and at the same time your deposits earn an interest of 6 percent p.a.