Vodafone launches new M-Pesa service in Kenya
Vodafone, the telecoms giant involved in the development of the M-Pesa service in Africa, has announced that from Tuesday 27th the service's Kenyan customers will have access to interest bearing saving accounts and have the ability to take out small loans through a new service, called M-Shwari.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Twice daily
MoneyWeek
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Four times a week
Look After My Bills
Sign up to our free money-saving newsletter, filled with the latest news and expert advice to help you find the best tips and deals for managing your bills. Start saving today!
Vodafone, the telecoms giant involved in the development of the M-Pesa service in Africa, has announced that from Tuesday 27th the service's Kenyan customers will have access to interest bearing saving accounts and have the ability to take out small loans through a new service, called M-Shwari.
The new service is the result of a new strategic cooperation between Vodafone, Safaricom and the Commercial Bank of Africa (CBA). Safaricom customers can sign up to the M-Shwari interest bearing savings account, provided by CBA, directly through the M-Pesa menu on their phone.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Michael Joseph, Director for M-Pesa within Vodafone Group, says: "M-Shwari is a transformational service: saving is no longer the privilege of an elite; all Kenyans can now save, even the smallest amounts and at their own pace. M-Shwari creates a safe environment for customers to borrow small amounts and links the amounts of credit available to the ability to save. Through their M-Shwari savings account, M-Pesa customers are empowered to manage their financial lives."
He adds: "Working with CBA meant having access to banking expertise in savings and loans and allowing M-Pesa customers to earn interest from their savings. This is an important step forward for millions of M-Pesa customers in Kenya."
M-Pesa (which means 'mobile money') is currently the most advanced mobile payment system in the developing world, and allows anyone with a national ID card or passport to use its services using a mobile device.
Vodafone's share price rose 0.13% to 157.85p by 08:40.
NR
-
How a ‘great view’ from your home can boost its value by 35%A house that comes with a picturesque backdrop could add tens of thousands of pounds to its asking price – but how does each region compare?
-
What is a care fees annuity and how much does it cost?How we will be cared for in our later years – and how much we are willing to pay for it – are conversations best had as early as possible. One option to cover the cost is a care fees annuity. We look at the pros and cons.
