NCBA Bank Exposed As Details Emerge Of Massive Loss Of customer’s Funds In M-Shwari Amidst Frequent Outages

In recent days, Kenyans have been grappling with an unexpected disruption of M-Shwari outage.

This mobile-centric banking product, offered in partnership between Safaricom and NCBA, has been a lifeline for millions of Kenyans, allowing them to save, borrow, and earn interest all from their mobile phones via M-Pesa.

It provides a convenient, paperless, and fast service, allowing users to transact without the hassle of visiting a physical bank branch.

The deposit product offers no minimum balance, no ledger fees, and seamless transfers between M-Pesa and M-Shwari accounts.

The loan product empowers users to borrow money when needed, with a one-time fee of 7.5% per loan

However, the recent outage has left users frustrated and questioning the reliability of this once-reliable service.

As Kenyans grapple with financial uncertainties, the spotlight turns to NCBA, the bank behind M-Shwari.

NCBA, formed through the merger of NIC Bank and Commercial Bank of Africa, wields significant influence in Kenya’s financial landscape.

Its partnership with Safaricom has been instrumental in bringing M-Shwari to million

Critics argue that NCBA’s handling of the M-Shwari outage raises eyebrows. While the bank has not explicitly acknowledged any wrongdoing, users are left wondering why their hard-earned savings are inaccessible during this critical time.

The lack of transparency fuels suspicions that NCBA may be prioritizing its interests over those of M-Shwari users.

To add fuel to the fire, another Safaricom-NCBA collaboration the overdraft service Fuliza has been flourishing.

Fuliza disbursed a staggering Ksh288 billion in the first half of 2022, dwarfing M-Shwari’s Ksh42 billion during the same period.

As Kenyans await answers, they demand accountability. NCBA must address the outage promptly, communicate transparently, and ensure that M-Shwari users regain access to their funds.

The bank’s reputation hangs in the balance, and its actions will determine whether it remains a trusted partner or faces the wrath of disillusioned customers.

The M-Shwari outage serves as a wake-up call—a reminder that financial institutions must prioritize their users’ needs above all else.