27 November 2012

Kenya: CBA Bank and Safaricom Launch M-Shwari

You can now save, earn interest and borrow money using your mobile phone. Safaricom and Commercial Bank of Africa have unveiled a mobile banking service dubbed M-Shwari, where you can save as little as 1 shilling, earn interest at rates of up to 5% p.a. and borrow from as little as 100 shillings.

The product, accessed by updating your Mpesa menu is aimed at building a saving culture among Kenyans.

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