In a move to grow the number of customers using M-Shwari, The Commercial Bank of Africa (CBA) and Safaricom recently announced the Fanikisha na M-Shwari Promotion. The move was aimed at boosting the number of Kenyans in the formal financial fold from 21.12 million (according to the Central Bank of Kenya, September 2013), giving them a chance to access formal financial services.
“M-Shwari has registered immense success since it was launched in November 2012. So far loans amounting to over Kshs. 7.8 billion disbursed, out of the more than Kshs. 24 billion that has been deposited into customers M-Shwari accounts. One wonders where these amounts would have been had it not been for M-Shwari,” said Bob Collymore, during the launch of a consumer promotion for M-Shwari customers. Over 30 million will be up for grabs during the three-month promotion that will target existing and new M-Shwari customers.
One customer was to take home Kshs. 5 million Grand Prize, while each week, one customer will win Kshs. 1 million and 15 customers will win Kshs. 100,000. Every day, 100 randomly selected customers would have
their M-Shwari savings doubled during the duration of the consumer promotion. All prizes would be paid directly to the customers M-Shwari accounts, during the promotion that started on 6 February 2014 and ran until March 20th, 2014.