Safaricom and CBA have launched a 45-day consumer promotion to reward customers on their exclusive mobile savings and loans product M-Shwari. The competition will see 4,800 winners win more than KSh. 50 million over the next 6 weeks.
The promotion, dubbed Stawisha Na M-Shwari, will boost the savings culture in Kenya which is relatively low and rates at about 12% to 15 % of GDP.
The M-Shwari product allows customers to save as little as Kshs 1 and accumulate annual interest at a rate between 2-5 per cent on their savings. In addition, users are able to instantly access their savings.
“Deepening financial inclusion is a key agenda for us and we have continued to evolve M-PESA to drive this objective. The launch of M-Shwari three years ago was a key step in this direction. The challenge now is to keep the product growing to suit the needs of our customers,” said Sylvia Mulinge, Director – Consumer Business, Safaricom.
“The aim of this promotion is to encourage more customers to save on M-Shwari and be rewarded for their financial prudence. The uptake of M-Shwari has so far been amazing but we still see a huge opportunity to bring on board more customers,” she added.
The promotion which kicked off Tuesday will see one winner walk away with a grand prize of Kshs 5 Million. There will also be one weekly winner of Kshs 1 Million, 50 weekly winners of Kshs 100,000 on M-Shwari deposits of Kshs 50 with no withdrawal during the week and 100 randomly selected customers daily will have their M-Shwari savings doubled during the promotion.
The promotion will reward active customers during the period who have either saved on M-Shwari or Lock Savings account and have fully paid their outstanding loans.
“In the last 3 years we have continued to record impressive growth with M-Shwari with our customer base standing at just over 14 million today. We are proud of our achievements so far and aim to maintain this growth trajectory through our strategic intent to provide simple, yet affordable financial services to millions of Kenyans,” said Jeremy Nguze CEO, Commercial Bank of Africa (CBA).
“The Stawisha Na M-Shwari promotion, aims to increase awareness about the product and encourage all our customers to save on M-Shwari and improve their financial well-being in the long term,” he added.
M-Shwari offers flexibility to M-PESA users who have reached the KSh. 300,000 limit of what they can keep in M-PESA. Moving funds to M-Shwari enables such users to earn interest on their savings, while enjoying the flexibility to easily move funds back to M-PESA when needed.
Since its launch in 2012, loans amounting to over of Kshs 90 billion have been disbursed at an average of 50,000 loans processed per day.
This is the second M-Shwari promotion since its launch in 2012. The first promotion dubbed Fanikisha Maisha na M-Shwari held in 2014 saw Paul Alfayo a 21 year old sugarcane cutter from Kakamega win the grand prize of Kshs 5 Million.