Safaricom launches M-Shwari
27 November 2012, 16:32
Nairobi - Safaricom’s foray into the financial services market is expected to deepen with the launch of a mobile banking service that allows users of its revolutionary M-Pesa platform to save and borrow money using their phones.
According to Business Daily, the service requires users to open a mobile bank account, M-Shwari , into which they can deposit as low as KES 1 in savings and borrow up to KES 100 000 payable with a one-off interest rate of 7.5 per cent.
All loans are payable within a month of disbursement.
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