CBA and Safaricom have continued to invest in a mutual and trusting relationship, which in 2007, gave rise to M-Pesa and now M-Shwari. CBA is a stable and respected financial services brand that has continued to use technology to develop valued propositions to meet the aspirations of her customers. Safaricom is a trusted brand and indeed partner to millions of Kenyans in their everyday lives.
CBA aspires to be a respected financial services business in Africa, built on a strong foundation based on our reputation for innovation; and our reputation for service to our existing corporate and personal customers which is second to none in our present markets. It is against this backdrop that we understood the value of partnering with Safaricom to create a solution which will change the way Kenya and rest of the world interfaces with the wider public to deliver financial solutions. M-Shwari gives CBA the platform to offer a much needed service to all market segments through mobile centric banking services.
What is M-Shwari
M-Shwari, coined from a Swahili word that means smoothen or make something better or good, is a revolutionary product set to change the lives of millions of Kenyans. M-Shwari is brought to you by CBA and Safaricom. The "M" signifies mobile centric as this product is operated entirely from your mobile phone. It will not be accessible through any CBA branch but your handset. All you need is your handset and to be registered on M-PESA! There are no forms or additional documents required for you to sign up to M-Shwari.
M-Shwari is a suite of banking products that are offered to M-PESA customers via their handset to enhance the M-PESA value proposition. With M-Shwari, one has access to Deposit and Loan products that are convenient, reliable and cost-effective for making micro-savings and taking micro-loans.
With M-Shwari, one stands to enjoy several benefits which include the following:
- Convenience of mobile banking i.e. you can transact from the comfort of your location
- Paperless (mobile centric), safe and fast service.
- No minimum balance
- No ledger fees
- No transactional charges while moving money between M-Shwari and M-Pesa
- Competitive interest rates
- Access to credit facilities