With its launch in 2007, M-PESA changed the way Kenyans transact with each other. In doing so, impact studies found that it significantly improved the ability of social networks to help people manage shocks. Six years later, the launch of M-Shwari by the Commercial Bank of Africa (CBA) and Safaricom sought to change the way Kenyans save and borrow. Commercially, it quickly scaled: within three years of its launch approximately 10 million accounts were opened and 4.5 million people were using M-Shwari on a 90-day basis.
Suri, T. & Gubbins, P. (2018). How is digital credit changing the lives of Kenyans? Nairobi: FSD Kenya.