(Ecofin Agency) - Commercial bank for Africa plans to launch, in 2017, its M-Shwari mobile banking service in Cote d’Ivoire and Rwanda, in partnership with MTN, which has subsidiaries in both countries. “Our feasibility studies conducted on Cote D’Ivoire show that it is a very promising market,” said Chris Pasha, head of marketing at CBA, cited by Kenyan media Daily Nation.    

Launched in Kenya in 2013, the service allows its users to take loans at any time, starting from Sh100 (0.9$). M-Shwari’s users can also open a saving account at a cost of Sh1 and generates interests. The bank however did not provide details concerning the offers it will provide in the two countries.

In Cote d’Ivoire, M-Shwari should pose no real threat to local banks given that they process much substantial transactions.

Data published in February 2016 by the professional association for banks operating in Cote d’Ivoire shows a bancarisation rate of 16% in the country, which the banks committed to raise to 35% by 2020. The Kenyan bank will thus be landing in a market with a great potential and where 65% of population has no bank account.