CBA to Launch M-Shwari in Cote d'Ivoire and Rwanda next year
The service also allows users to save via mobile phone.Commercial Bank of Africa (CBA) is planning to launch its mobile banking service M-Shwari in Cote d'Ivoire and Rwanda in 2017.
The lender says its expansion into Cote d'Ivoire
will be in partnership with MTN, the South African telecom with whom it already collaborates with in Uganda.
"Our feasibility studies conducted on Cote d'Ivoire show that it is a very promising market," Chris Pasha, CBA's Head of Marketing, told the Daily Nation.
Launched in Kenya in 2013, the service allows customers to borrow via their mobile phone at a minimum of Sh100 (€0.9) anytime. It also let users save as little as Sh1 and earn interest on their saving balance.
In Kenya, Safaricom's General Manager of Financial Services, Betty Mwangi-Thuo revealed that reports from the central bank have "lauded" M-Shwari as the most impactful contributor to the formal financial services sector "in the history of the nation".
M-Shwari has over twelve million customers who have in the last two years saved more than Sh135 billion and taken out loans worth Sh30 billion.
In August this year, CBA and MTN launched MoKash in Uganda. The partners have since registered 1.23 million customers and processed 257,000 loans.