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.