Commercial Bank of Africa’s (CBA) number of deposit accounts has increased by 2.15 million to 21.1 million in the three months ended 30 September 2013, according to the data by Central Bank of Kenya (CBK).
The increase in the number of deposit accounts is primarily due to M-Shwari, a mobile-phone based bank account. Launched in 2012, M-Shwari was jointly developed by CBA and mobile phone firm Safaricom.
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The addition of M-Shwari has seen CBA’s deposit accounts as at September exceed five million up from 34,884 in 2011, making it the second largest retail lender in Kenya after Equity Bank.
CBK was quoted by Hispanic Business as saying that there was increased uptake of banking services as evidenced by the number of bank deposit accounts which increased from 18.97 million in June to 21.12 million in September representing a growth of 2.15 million accounts or 11.3%.
CBA CEO Jeremy Ngunze told the website that they have now crossed the five million mark and giving up to 30,000 loans a day and the numbers keep growing.
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By GlobalData
