Categories
Close
Menu
Menu
Close
Search
Search

Featured Articles

News

Vodafone expands its M-Pesa mobile money service to offer savings and loans

Mark

Share:

Print

Rate article:

No rating
Rate this article:
No rating

The M-Pesa mobile payment and money transfer service, which was launched five years ago in Kenya by the Safaricom network, has been joined by a savings and loan facility called M-Shwari. The new facility has been set up by Vodafone, Safaricom and the Commercial Bank of Africa (CBA).

Safaricom customers can sign up for an M-Shwari savings account through the M-Pesa menu on their phone without completing any forms or visiting a bank. It’s also possible to apply for a loan in the same way, with CBA determining the customer’s eligibility based on their M-Pesa transactions and savings history. The loan payment is sent directly to the customer’s M-Pesa account.

Michael Joseph, Director for M-Pesa within the Vodafone Group, said “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.”

“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. Based on our experience in Kenya, we will look to take this innovation to other markets.”

Vodafone has a 40% stake in Safaricom.

Comments

Collapse Expand Comments (0)
You don't have permission to post comments.

Opinion Articles

ExclusiveDiscover the secrets of mobile innovation at The Mobile Academy in London

Mark Bridge writes:

Developing a successful mobile product or service isn’t just a question of having a great idea. There are all sorts of challenges, from the technical aspects of application development to the wider issues of branding and funding.

That’s where The Mobile Academy steps in. It’s a London-based mobile masterclass designed to give you a helping hand with innovation, whether you’re an entrepreneur, a business owner, a developer or a designer.

ExclusiveRIM boss ignores the questions when asked about BlackBerry difficulties and competitors

Mark Bridge writes:

Live TV and radio interviews. They can be worrying things, even when you’re not expecting to be challenged too much. I know this from experience. So when your company is launching a much-delayed operating system, you’d expect a few difficult questions… and you’d be ready with a response.

The official response of RIM is apparently to ignore the questions.

ExclusiveMobile phones transform lives in Africa

Jennifer Lazuta of voanews.com writes:

Rene Mendy, a street vendor in Dakar, has never had enough money to open a bank account. But now, thanks to an emerging mobile phone banking service, he has access to many financial services.

ExclusiveLast week at The Fonecast: 28th January 2013

Mark Bridge writes:

I didn’t study economics at college, which is probably one of the reasons I have a very simple perspective on quarterly results. As far as I’m concerned, they fall into one of three categories: much as expected, better than expected or worse than expected. Anyway, it’s the time of year when some of the biggest names in the mobile telecoms industry publish their financial results – so here we go.

ExclusiveBringing personalised radio to your smartphone

Mark Bridge writes:

Targeted advertising on mobile devices is something we’re all getting increasingly familiar with. Visit a web site and there’s a good chance you’ll see an advertisement that’s aimed directly at you, perhaps using information about the sites you’ve previously visited, the type of smartphone you’re using or even your location.

Yet listen to the radio or stream music on your smartphone and that same level of personalisation hasn’t been aavailable. That’s all changing now, with help from a new service called UTuneMe.

RSS
First2324252628303132Last

Recent Podcasts

ExclusivePodcast from Mobile World Congress 2015

Mark Bridge learns about the mobile technology trends at Mobile World Congress 2015 by chatting to James Rosewell of 51Degrees, Dr Kevin Curran from the IEEE and Chris Millington of Doro.

They talk about wearable devices, wireless charging, mobile operating systems and much more... including some of their favourite products from the exhibition.

ExclusiveLooking back at February: from security scares to multiple MVNOs

We're taking a look back at the biggest mobile industry news stories from February 2015, including allegations that the UK's security service tried to breach SIM card security by hacking into one of the world's biggest SIM producers.

We also talk about the planned BT and EE merger, the creation of two new UK virtual networks, some acquisitions in the mobile payment arena and a new Ubuntu smartphone.

ExclusiveA month of mobile: O2 counts on 3, Microsoft counts to 10 and Apple counts its profits

We're back with a month of mobile industry news, including takeover talks and takeover rumours. O2 and Three are said to be discussing a merger... but is there any truth in the suggestions that BlackBerry could be up for grabs?

We also discuss Apple's record-breaking quarterly figures, the highlights of CES and the launch of Microsoft Windows 10, as well as saying farewell to the current version of Google Glass.

RSS
12345678910Last

Follow thefonecast.com

Archive Calendar

«July 2026»
MonTueWedThuFriSatSun
293012345
6789101112
13141516171819
20212223242526
272829303112
3456789

Archive