Corporate News
Mr Jeremy Ngunze, the CBA chief executive. Commercial Bank of Africa is
gearing to venture into the Rwandese market with its M-Shwari product
after successful uptake in Kenya Uganda and Tanzania. PHOTO | FILE
By EDWIN OKOTH, @Edwincowino edokoth@ke.nationmedia.com
In Summary
Commercial Bank of Africa is gearing to venture into
the Rwandese market with its M-Shwari product after successful uptake in
Kenya Uganda and Tanzania.
The bank which recently announced signing more than 600,000
subscribers in Uganda on its mobile-banking platform (MoKash) in
partnership with MTN Uganda said Rwanda’s growing mobile penetration
will be key for the plan set to be rolled out by December.
CBA Chief Executive Officer Jeremy Ngunze said the
service will leverage on the same advantages it has over other banking
channels to record success in Rwanda as it has done in the three African
countries.
“We have people in some of these countries who are
able to move cash on mobile among themselves but the gap that exists in
savings and borrowing remains unexploited. The privacy and convenience
that comes with borrowing on your mobile phone are our key strengths and
we will use raw data to drive this crucial service. We are looking at
Rwanda in quarter four and other countries will follow,” Mr Ngunze said
in an interview.
The bank was giving its performance briefing to
investors. Mshwari now has 16 million customers in Kenya with 80,000
users borrowing on the platform daily. This has seen some Sh106 billion
disbursed in the region as M-shawri loans remain unaffected by the
cupped interest rate.
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