Commercial Bank of Africa is now planning to roll out its M-Shwari product in Rwanda by December.
Apart from Kenya, M-Shwari has a presence in Uganda and Tanzania.
According to Daily Nation, Mshwari has 16 million customers in Kenya with 80,000 users borrowing daily on its platform.
In Uganda, the bank recently signed more than 600,000 subscribers on its mobile-banking platform (MoKash), a partnership with MTN Uganda.
“We have people in some of these countries who are able to move cash on mobile among themselves but the gap that exists in savings and borrowing remains unexploited," chief executive Jeremy Ngunze said in an interview with Daily Nation.
The privacy and convenience that comes with borrowing on your mobile phone are our key strengths and we will use raw data to drive this crucial service. We are looking at Rwanda in quarter four and other countries will follow,” he added.
He spoke when the bank briefed its investors regarding its performance.