Youth drive M-Shwari deals past KES1bn mark
07 January 2013, 16:56
Nairobi - Transactions on the latest mobile banking innovation, M-Shwari, crossed the KES1 billion mark at the close of last year in an overwhelming uptake that could force local banks back to the drawing board.
Daily Nation reports that by December 27, barely a month after its launch, M-Shwari customers had borrowed over KES123 million and deposited in excess of KES976 million in savings, with the biggest activity recorded among the youth aged between 25 and 30.
CBA chief executive Jeremy Ngunze now sees the new product as the perfect customer-attraction and retention tool especially because it gives the bank access to over 15 million customers who are already on the M-Pesa platform.
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