Kenya Power’s savings and credit cooperative Stima Sacco announced the introduction of M-Pawa. The app has been introduced in an effort to provide members with access to financial services through their mobile phones. The move comes as an increasing number of Kenyans look to their mobile devices for their banking and financial needs.
“The traditional Sacco model is to advance unsecured loans to members,” Stima Sacco said in a statement.
“During the pilot stage, 5,000 members had registered and used the channel to apply and receive loans worth KES 30 million in less than two months,” said Paul Wambua, CEO of Stima Sacco.
The move is expected to help bolster Kenya’s financial sector as Kenyan residents utilise online connectivity to view their accounts and make payments. Stima Sacco believes it is the right time to push their offering forward, which will make doing business, both corporate and personal, much easier and smoother.
“This is a move that will enable our users to have their financial information and other services at the click of their mobile device,” added Wambua.
Over the past few years, Kenyan mobile operators have introduced a number of new initiatives aimed at providing access to financial services on mobile devices. It has been widely successful and has seen an increase in business activity across the East African country.