Safaricom Launches Mobile Loans

M-Pesa customers in Kenya get access to interest-bearing saving accounts and small loans

November 27, 2012

1 Min Read

NAIROBI -- From today, M-Pesa customers in Kenya will have access to interest bearing saving accounts and have the ability to take out small loans through a new service, called M-Shwari. This is the next step in the M-Pesa story of increasing further access to a wider range of financial services and is the result of a new strategic cooperation between Vodafone, Safaricom and the Commercial Bank of Africa (CBA).

Safaricom customers can sign up to the M-Shwari interest bearing savings account, provided by CBA, directly through the M-Pesa menu on their phone. There are no forms to complete and no need to visit a bank branch. M-Pesa customers can also apply to CBA for a mini-loan, again directly from their phone. Based on the individual customer’s M-Pesa transactions and savings history, CBA determines the customer’s eligibility. The loan money is sent by CBA to the customer’s M-Pesa account immediately, again emphasising the convenience and simplicity of M-Shwari.

Safaricom Ltd.

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