Transactions on Kenya's latest mobile banking innovation, M-Shwari, crossed the KSh1 billion (US$11.6 million) mark at the close of 2012 in an overwhelming uptake that could force the country's banks back to the drawing board.
The M-Shwari application (app) was launched in November 2012, and by December 27 2012, M-Shwari users had borrowed over KSh123 million (US$1.43 million) and deposited in excess of KSh976 million (US$11.35 million) in savings. The most frequent users of M-Shwari are
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