Sharp Daily
No Result
View All Result
Tuesday, September 16, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Safaricom reports first-ever decline in M-Shwari deposits

Editor SharpDaily by Editor SharpDaily
October 11, 2023
in News
Reading Time: 2 mins read

Kenyans deposited less money in their M-Shwari savings accounts and borrowed more from the Fuliza overdraft service in the year ending March 2023, according to Safaricom’s latest sustainability report.

The report showed that deposits in M-Shwari, a mobile lending platform offered by Safaricom in partnership with Commercial Bank of Africa, dropped by 44.1% to KES 416.7 billion, down from kes 745 billion in the previous year.

This was the first decline since the platform was launched in November 2013.

The report also showed that loans disbursed through M-Shwari increased by 6.3% to KES 91.5 billion, up from KES 86.1 billion in the previous year.

RELATEDPOSTS

Safaricom 2025 financial triumph and effect on Kenyan economy

May 28, 2025

Safaricom’s legal battle against journalist sparks press freedom concerns

March 27, 2025

Meanwhile, loans disbursed through Fuliza, an overdraft service that allows users to complete transactions when they have insufficient funds in their M-Pesa mobile wallets, rose by 39.6% to KES 701.5 billion, up from KES 502.6 billion in the previous year.

Read more: Kenya to host the 2024 Canada-Africa business conference

The trend points to liquidity challenges that have resulted in over-reliance on credit facilities to deal with economic hardships caused by the COVID-19 pandemic. The pandemic has had a significant impact on Kenya’s economy, with many businesses shutting down and leading to job losses and reduced disposable income for many Kenyans.

M-Shwari offers savers an additional feature called M-Shwari lock savings account that allows users to save for between one and 12 months, earning interest at the rate of up to 6% per year. M-Shwari loans are priced at 9%, which includes loan fees of 7.5% and excise duty of 1.5%. The loans are disbursed instantly to customers’ M-Pesa accounts once an application is made.

Fuliza is an overdraft service that allows users to borrow money instantly through their mobile phones without having to go through lengthy application processes or collateral requirements. This ease of access has made it popular among Kenyans who need quick cash for emergencies or other needs.

Safaricom is Kenya’s largest mobile network operator and the provider of M-Pesa, a mobile money service that has over 30 million active users in the country.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Kenya to host the 2024 Canada-Africa business conference

Next Post

NTSA denies license renewal to Bolt over regulatory breaches

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025
News

Kick financial goals: Invest with CMMF this football season

August 22, 2025
commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025

LATEST STORIES

Real Estate project financing models shaping successful developments

September 12, 2025

Alternative investments: Opportunities and risks

September 12, 2025

Mid-September momentum: CMMF posts strong yields and growing trust

September 12, 2025

Unlocking Home Ownership Through Retirement Savings in Kenya

September 12, 2025

The role of FDIs in driving sustainable development

September 11, 2025

How increased oversight can clean up the insurance sector without stifling innovation

September 11, 2025

Why retail investors hold the key to Kenya’s capital market growth

September 11, 2025

Kenya’s new banking policies: A turning point for the financial sector

September 11, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024