M-PAWA CLOCKS 1 MILLION CUSTOMERS

Six months since it was launched, M-Pawa – a partnership between Vodacom’s M-Pesa and the Commercial Bank of Africa (CBA) has attracted one million customers, it was announced yesterday.

The over one million individuals are now able to save their money and get instant loan services from CBA via the platform.

The service also allows customers to open a bank account instantly and without any paperwork.

“We are also very pleased that one million people have chosen to save on M-Pawa and take advantage of the services it offers which are easy to use and free,” said the Vodacom’s Head of Financial Services, Jacques Voogt.

Through M-Pawa customers are notified of their eligibility for a loan relative to their M-Pesa history and on the Vodacom network. That is, the more a customer uses Vodacom services, the more they can borrow on M-Pawa.

M-Pawa loans have a competitive interest rate of 9 per cent for 30 days, which allows customers who consistently repay their loans within 30 days to improve their credit scores and over time qualify for even bigger loans.

The Citizen