The mobile banking platform, MShwari which is a collaboration between Kenya’s Safaricom network and Commercial Bank of Africa has won the 21st Century Achievement Award in emerging technology by Computersworld Honors Programme in Washington DC.
“We at CBA are truly honoured to have won the emerging technology award. It is through technology and innovation that CBA operations are founded upon and we believe that M-Shwari will continue to stimulate innovation and growth to the financial services industry,” said CBA’s Group MD, Isaac Awuondo.
The product which saw over one billion Kenyan shillings being banked into the program within months of its launch has taken the industry by surprise.
Leveraging the Temenos Integration Framework, CBA’s M-Shwari mobile banking product was implemented, integrated and launched in 5 months, and immediately achieved success having more than 850,000 customers in the first 3 weeks and took more than a Ksh 1billion in new deposits and processing more than 5 million transactions.
Speaking at the awards ceremony, Vinton Cerf, Vice President and Chief Internet Evangelist from Google, congratulated the 2013 Laureate class saying “The men and women being celebrated this evening went beyond ideas and beyond technology and executed extraordinary projects”.