REPRIEVE TO M-SHWARI CLIENTS

cfREPRIEVE TO M-SHWARI CUSTOMERS

By Douglas Muriithi

NCBA Group PLC and Safaricom

introduced measures following the Government

of Kenya directives in support of the collective

efforts to manage the socio-economic impact

of coronavirus (COVID-19), in the country.

In a show of solidarity, as Kenyans grapple with

the consequences of this pandemic, the two

institutions have committed to provide relief to

customers as they navigate through this

difficult period.

Effective and for the next 90 Days:

All M-Shwari late payment sanctions including

rollover fees will be deferred by 30 days.

CRB listing of M-Shwari customers will be

suspended for the next 90 days.

NCBA and Safaricom will continue engaging

and working with customers during this time to

ensure they can manage loan repayments.

To promote cashless payments, customers can

move any amount between M-PESA and M-

Shwari at no additional cost and can save any

amount on M-Shwari and earn interest of up to

6%. “As coronavirus continues to stir global

economic fears, NCBA will continue to support

our customers who may be financially affected

by the outbreak,” said John Gachora, Group

Managing Director, NCBA. He added, “We would

like to urge customers to be responsible with

the credit solutions to ensure that as a

collective we care for each other during this

tough time.

The Bank shall through M-Shwari, continue to

responsibly support all customers through this

difficult period”

“Financial services play a transformational role

in the society and are especially critical at this

time in minimising the impact of Coronavirus to

society.

We are glad to leverage our longstanding

partnership with NCBA to explore ways in which

we can make life easier for our customers

through our services,” said Sitoyo Lopokoiyit,

Chief Financial Services Officer, Safaricom.

NCBA and Safaricom have by these measures

committed to support customers during this

period and beyond to ensure minimal impact to

the lives of Kenyans and encourage everyone, to

act responsibly with financial services at this

time.

M-Shwari, coined from a Swahili word that

means smoothen or make something better or

good, is a digital financial service operated by

NCBA and Safaricom that provides 30-day term

loans to the M-Pesa customers.

M-Shwari also allows you to save and earn

interest of up to 6% on money saved.

NCBA Group is a full-service bank providing a

broad range of financial products and services

to corporate, institutional, SME and consumer

banking customers.

The Group was created on 1st October 2019

following approval by Central Bank of Kenya

and The National Treasury of the merger of NIC

Group PLC (NIC) and Commercial Bank of

Africa Limited (CBA).

NCBA Group operates a network of more than

100 branches in five countries including Kenya,

Uganda, Tanzania, Rwanda and Ivory Coast.

Serving over 50 million customers, the NCBA

Group is the largest banking group in Africa by

customer numbers.

NCBA Bank Kenya PLC is Kenya’s third largest

bank by assets.

The Bank is set to play a key role in supporting

Kenya’s economic ambitions, specifically

facilitating implementation of the Government’s

Big Four Agenda which focuses on food

security, affordable housing,

manufacturing and universal healthcare.

The Bank is a market leader in Corporate

Banking, Asset Finance and Digital Banking.

NIC Group PLC (NIC) and

Commercial Bank of Africa Limited (CBA)

announce the respective Boards of Directors

authorised commencement of discussions

regarding a potential merger of the two entities.

And announce their Boards of Directors

Where they unanimously voted to recommend

to shareholders merger of the two banks.

It was announced that the proposed merger will

be executed through a share exchange, with a

share ratio between NIC and CBA being 47:53

respectively.

Commercial Bank of Africa

Limited (“CBA”) held an Annual General

Meeting where its shareholders overwhelmingly

approved the merger with NIC Group PLC

(“NIC”).

NIC Group PLC (“NIC”) held an

Annual General Meeting where its shareholders

overwhelmingly approved the merger with

Commercial Bank of Africa Limited (“CBA”).

The Competition Authority of

Kenya (CAK) approved the proposed shares its

conditions on the same. Announcement of the

designated leadership of the merged NIC and

CBA announced, the Central Bank of

Kenya through Kenya Gazette Notice No. 9038

approved the amalgamation of Commercial

Bank of Africa Ltd and NIC Group PLC effective

30th September 2019

The Central Bank of Kenya issued a Press

Release announcing the approval of the name

of the amalgamated Bank NCBA Group PLC.