Safaricom interim Chief Exucutive Officer (CEO) Michael Joseph has expressed displeasure over the performance of some of Safaricom's credit facilities including M-Shwari.
He consequently announced that the telco company may be forced to review the services.
According to Michael Joseph who was speaking on Tuesday during Safaricom's 19th anniversary, the objective of M-Shwari services was to cultivate and grow a savings culture among Kenyans.
The performance of the services has however taken an opposite turn with customers borrowing more and saving less.
“We wanted to create a savings culture, not a borrowing culture where you could borrow multiple your savings,” Michael Joseph said as quoted by Standard Media.
Safaricom in partnership with Commercial Bank of Africa (CBA) launched M-Shwari in 2012.
The aim of the service was to enable their subscribers to save while at the same time access microloans.
Michael Joseph nonetheless praised Safaricom's most recent overdraft services Fuliza for its positive performance.
Fuliza was launched by Safaricom's former CEO Bob Collymore in partnership with CBA and KCB Group.
Collymore died in July after suffering from cancer.
Safaricom's subscribers are reported to have borrowed Sh81 billion on Fuliza in the first half of this year.