Nipate
Forum => Kenya Discussion => Topic started by: gout on January 20, 2015, 10:49:10 AM
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amazing stuff 97 % repayment rate...... in 6 months I can now borrow 7K - for Kenyan that is good safety system and even working capital for our small businesses ..easy to build a MShwari profile
Commercial Bank of Africa (CBA), which runs the platform in partnership with Safaricom, said loans amounting to Sh24 billion had been borrowed through M-Shwari up from Sh7 billion in February last year.
Loans are offered at a flat rate of 7.5 per cent and are repayable within a month.
M-Shwari has attracted over nine million customers in the two years it has been operational, who have registered deposits in excess of Sh135 billion, added Mr Ngunze.
M-Shwari loans grew by over three times in the past year, underlining the vast potential of mobile banking in the country.
Commercial Bank of Africa (CBA), which runs the platform in partnership with Safaricom, said loans amounting to Sh24 billion had been borrowed through M-Shwari up from Sh7 billion in February last year.
“We have so far disbursed loans amounting to Sh24 billion, while maintaining a repayment rate of 97 per cent which is by far more impressive than the repayment rates for loans advanced by commercial banks,” said Jeremy Ngunze, CEO CBA Kenya.
M-Shwari has attracted over nine million customers in the two years it has been operational, who have registered deposits in excess of Sh135 billion, added Mr Ngunze.
Loans are offered at a flat rate of 7.5 per cent and are repayable within a month.
To enforce repayment, the bank has been forwarding names of defaulters to credit reference bureaus. CBA also said that it was using historical behaviour of users to sift out bad borrowers and improve its loan book quality.
The lender had promised to review the cost of the loan after learning customer repayment behaviour. Uptake of the mobile platform product has helped CBA, which is associated with the Kenyatta Family, to leap-frog other lenders in the retail banking segment.
seems Safaricom has also learnt from success on MKopa solar with this MKopa simu thing
Safaricom said that it has sold 6,500 mobile phones in the last one month under the Smart Loan product which allows subscribers to purchase smart devises through monthly instalments.
Under the scheme, customers pay 30 per cent of the cost of the device upfront and settle the balance in instalments of up to six months.
http://www.businessdailyafrica.com/M-Shwari-lending-more-than-triples/-/539552/2594860/-/frnmgkz/-/index.html
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Indeed.