Safaricom and CBA plan to review the cost of loans from M-Shwari
Safaricom and Commercial Bank of Africa’s (CBA) say they are planning to review the cost of loans from their virtual banking platform M-Shwari in a bid to grow and defend their market share that has come under attack from a rejuvenated mobile loans market.
CBA Group managing director Isaac Awuondo said the cuts would be segmented and would be in favour of borrowers with good credit history. The move is seen as a reaction to the increasing number of players in the mobile loans market as commercial lenders ration credit in wake of the rate capping law. Several lenders including Equity Bank, KCB and Co-operative Bank of Kenya also offer mobile micro loans.

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