Digital credit products are only going to become a more important element of financial services in emerging markets where expansion of mobile money platforms has created potential borrower segments of millions of consumers that are only an SMS away.
InterMedia conducted a study of M-Shwari users and found that in just over a year after launch, M-Shwari achieved the highest level of awareness and use compared with other beyond-basic mobile wallet products in Kenya.
With the rapid uptake of M-Shwari, Commercial Bank of Africa (CBA) is the envy of the digital financial services industry. Many factors led to M-Shwari's success, including that it solves a real problem faced by Kenyans: on demand liquidity.
In recent years, Safaricom has launched a number of value-added services through its M-PESA product in Kenya, aiming to move its customer base beyond basic money transfers. M-Shwari is by far the most popular of the offerings.