Mr Awuondo said the service has disbursed Sh230 billion loans since its launch in November 2012. It has attracted Sh669 billion deposits from its 21.1 million customers.

Mr Awuondo said M-Shwari receives an average 300,000 loan applications a day with between 70,000 and 100,000 customers, or more than half, successful.

Close to 30 per cent of the micro loans are granted between 3am and 6am offering mainly as short-term working capital to small-scale traders including vegetable vendors.

“When we look at our customers’ daily lives and we follow them from the time they wake up to the time they go to sleep we see that in the trajectory of their daily lives the time that they use M-Shwari the most is between 5am and 9 am,” Safaricom consumer business general manager Sylvia Mulinge said.

Mr Awuondo said bad loans ratio for the micro loans is at an “acceptable” level.

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