Commercial Bank of Africa (CBA) and Safaricom have set-up a fixed deposit feature on M-Shwari platform named ‘Lock Savings Account’
The Lock Savings Account will provide Kenyans an opportunity to save for a reason, according to CBA.
The move is expected to create a savings culture in Kenya where savings fall below 20 per cent of the GDP, the lowest in the region, CBA revealed.
“We introduced this new feature on the strength of recurrent customer feedback which suggested the need for a facility which would inherently instill in them the discipline required to make medium term savings towards a specific goal,” commented Jeremy Ngunze, CBA Kenya’s chief executive officer.
Betty Mwangi-Thuo, Safaricom’s head of GM Financial Services, added,“Reports by the Central Bank have lauded M-Shwari as the most impactful contributor to the formal financial services sector in the history of the nation. Indeed, M-Shwari has been credited with growing to 67 per cent the segment of the country’s bankable population that has access to a bank account.”