Kenya’s biggest private lender, CBA is soon introducing its micro savings and loans product in Rwanda. Just recently, we broke news that the very service, dubbed MoKash had amassed an upwards of 600,000 users in just two months of its operation in Uganda. Surprisingly it is tied to MTN only given the partnership CBA has with MTN Uganda.
The same service under the M-Shwari banner has over 16 million customers in Kenya on Safaricom and it has almost registered the same level of success down in Tanzania, touted as M-Pawa while using Vodacom.
It is said that Tigo is the most likely candidate for CBA to partner with in Rwanda, having over 3.115 million customers out of 8.8 recognised mobile subscriptions.
CBA CEO, Jeremy Nguze is quoted to have said; “We have people in some of these countries who are able to move cash on mobile among themselves but the gap that exists in savings and borrowing remains unexploited.
“The privacy and convenience that comes with borrowing on your mobile phone are our key strengths and we will use raw data to drive this crucial service. We are looking at Rwanda in quarter four and other countries will follow.”
The product seems to have been a hit in East African countries of Kenya, Tanzania & Uganda but we’re yet to establish if the same success will be replicated in Rwanda.
CBA is already operational in the small hilly country and is said to be planning the micro loans and savings product before this year ends.
Source: The Business Daily