M-Shwari deposits fall for first time in 10yrs

M-Shwari deposits dropped by 44 percent to Ksh.416.7 billion in a year to March 2023.

The platform had a whooping Ksh.745 billion in deposits same period in 2022.

This is the first time that M-Shwari deposits have declined since the platform was launched in 2013.

Loans borrowed from the platform increased 6.3 percent during the period to hit Ksh.91.5 billion.

Cash borrowed from M-Shwari in 2022 stood at Ksh.86.1 billion.

M-Shwari loans are priced at nine percent – being loan fees of 7.5 percent and 1.5 percent excise duty.

M-Shwari is NCBA’s mobile phone banking service.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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