Mshwari is a loan facility offered by Safaricom.There are several benefits of registering for Mshwari,one of them being the faster loans offered to Safaricom customers.
If you want to know more about Mshwari loans, here are the facts as provided by Safaricom:
How to sign up
- Access through the M-PESA menu > Select Loans and Savings > Select M-PESA and Activate.
Features
Deposit
The M-Shwari Deposit Account is a micro-savings product which allows you to securely store your money for a specific purpose or for an unexpected event in your life. Enjoy the following features when you save with M-Shwari:
- No minimum balance
- No charges levied on the account
- No charges for moving money from M-PESA to M-Shwari account and vice versa
- In line with the Banking (Amendment) Act 2016, all deposits on M-Shwari will earn interest of up to 70% of the Central Bank Rate
All deposits on M-Shwari will earn interest as below
The M-Shwari savings interest is calculated daily and paid out quarterly into the M-Shwari deposit account.
| Customer Savings Amount | M-SHWARI INTEREST RATE |
| KSHS 1-20000 | 3% P.A |
| KSHS 20001-50,000 | 4% P.A |
| >KSHS 50,001 | 5% P.A |
Loans
The M-Shwari Loan Account is a micro-credit product which allows you to borrow money in times of need or to complement your savings towards an investment or enterprise. A one-time fee of 7.5% is levied for each loan. Borrow with M-Shwari and start to build your credit history today.
In order to qualify for a loan all you need is to be an M-PESA subscriber for 6 months, save on M-Shwari and actively use other Safaricom services such as voice, data and M-PESA. To enquire how much you can borrow, go to M-Shwari, Loan, check Loan Limit.
You can access loan limits from as low as Ksh.100 and up to Ksh.50,000.
Enjoy repayment period of one month.
Loan repayment can be made via M-PESA, or from the M-Shwari account.
How does it work?
- Access the M-PESA menu.
- Select Loans and Savings.
- Select M-Shwari.
- Select Loan.
- Request Loan.
- Enter amount.
- Enter your M-PESA PIN
- Loan amount will be sent to your M-PESA Account. The loan amount to be paid will be in inclusive of the facility fee.
Lock Savings Account
This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time. The funds saved on the M-Shwari Lock Savings account will be kept in the account until the maturity date; this maturity date is determined by the customer upon opening the account and ranges between one and twelve months. Customers can make micro deposit into this.
The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.
What are the requirements of opening a Lock Savings Account?
- One must be an M-Shwari customer in order to access this service.
- To join M-Shwari, Go to your M-PESA menu, select “My account” and “Update menu” then go to your M-PESA menu, select Loans and Savings, MShwari, click on activate account and accept terms and conditions.
What are the benefits of opening a Lock Savings Account?
- No minimum savings
- There are no charges levied on the M-Shwari Lock Savings account.
- The interest rate is constant during the investment period, and is calculated and paid out monthly or at maturity.
- The Lock period varies from one month to six months depending on the customer needs.
What interest will be payable on the M-Shwari Lock Savings Account?
M-Shwari lock savings interest is earned daily but paid out monthly into the lock savings account.
| Customer Savings Amount | Lock Savings INTEREST RATE |
| KSHS 1-20000 | 3% P.A |
| KSHS 20001-50,000 | 5% P.A |
| >KSHS 50,001 | 6% P.A |
How does one access the Lock Savings Account Menu?
- The lock savings account can be accessed by going to M-PESA >>Loans and Savings >>M-Shwari>> Lock and selecting, “Lock Savings Account”.
How do I Open and Save into Lock Savings Account?
- Go to M-PESA, Loans and Savings, M-Shwari, Lock Savings Account, Open Account, select to save from either M-PESA or From M-Shwari, Enter Target Amount, enter period between 1-6 months, Enter amount to save. You will receive an SMS confirmation that your Lock Savings Account has been set up. Next time you save, go to the Lock Savings option under M-Shwari, select to Save from either M-Shwari or M-PESA, Enter Amount and then your M-PESA PIN to complete your transaction.
How will I know that my money in M-Shwari Lock Savings has matured?
- Upon maturity, a notification will be sent to you via SMS from M-Shwari informing you of the amount saved and the interest earned.
Can a customer withdraw their funds before maturity date?
- However, a customer will receive the requested money after 48hours. A customer has the option to withdraw the entire amount – Break Lock or make a partial withdrawal of the funds- Partial Break
KCB M-PESA ACCOUNT
KCB M-PESA is a savings and loan service that enables M-PESA customers to save as little as Kshs. 1, and access credit from Kshs. 1000.
Save as little as Kshs.1 and earn interest of up to 6.3% p.a. on your saving balance.
Save for a fixed period of time (Fixed Savings Account) and earn interest of 6.3% of your savings.
- Access loans instantly, credited to your M-PESA account from a minimum Kes 1000 and up to Kes 1million charged a facility fee of 7.35%
No forms to fill, no branches to visit. Just one click on your phone and you have a savings account with access to instant loans!
How to sign up
- Access through the M-PESA menu > Select Loans and Savings > Select KCB M-PESA and Activate.
Features
Loans
The KCB M-PESA loan account is a micro-credit product which gives you access to a loan; may it be for an emergency, to fund a project or enterprise.
In order to qualify for a loan, all you need is to be an M-PESA subscriber for 6 months, save on KCB M-PESA and actively use other Safaricom services such as voice, data and M-PESA.
To enquire how much you can borrow, go to KCB M-PESA, Loan, check Loan Limit.
You can access loan limits from as low as Ksh.1000 and up to Ksh.1million.
Enjoy repayment period of one month.
Loan repayment can be made via M-PESA, or from the KCB M-PESA account.
How does it work?
- Access the M-PESA menu.
- Select Loans and Savings.
- Select KCB M-PESA.
- Select Loan.
- Request Loan.
- Enter amount.
- Enter your M-PESA PIN
- Loan amount will be sent to your KCB M-PESA Account. To access the loan, withdraw the money to your M-PESA for FREE.
- The loan amount to be paid will be in inclusive of the facility fee.
- SAVINGS
There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They are;
- Fixed Savings Account
- Target Savings Account
- Fixed Savings Account
This account allows you to lock a specific amount of cash for a period of up to 12 months.
How does it work?
- Access M-PESA menu
- Select Loans and Savings
- Select KCB M-PESA
- Select Fixed Savings Account
- Select Fixed deposit
- Open Account
- Select the source of funds;
- M-PESA
- KCB M-PESA
- Enter amount (amount needs to be more than KES 500)
- Enter period (1 up to 12 months)
- Enter M-PESA PIN and confirm the transaction
- You will receive an M-PESA confirmation.
Benefits
- Locked periods include 1 up to 12 months with the minimum amount of Kshs.500.
- Upon early or premature redemption, you will forfeit all interest accrued.
- You get cash back immediately to KCB M-PESA account on prompting cash back.
- Earn attractive Interest rates of 6.3% p.a. on your savings.
- Target Savings Account
This account allows you to set a target and make deposits towards achieving that target.
How does it work?
- Go to M-PESA menu
- Select Loans and Savings
- Select KCB M-PESA
- Select Fixed Savings
- Select Target Savings Account
- Select Open Account
- Select source of funds;
- M-PESA
- KCB M-PESA
- Enter Target amount you intend to save for the period (amount needs to be more than KES 1000)
- Enter period (1 up to 12 months)
- Enter initial deposit amount (not less than KES 50)
- Enter M-PESA PIN and confirm transaction
- You will receive an M-PESA confirmation.
Benefits
- You top up continuously until you achieve your target.
- You can deposit money into the target account through:
- M-PESA
- KCB M-PESA
- You can choose from target periods of 1 up to 12 months with a minimum contribution of KES 50.
- You earn interest on cumulative interest.
- Early withdrawal of funds from Target Savings is allowed subject to withdrawal of the entire amount saved. Total interest on savings will be earned to the day of the withdrawal.
- You get cash back immediately to your KCB M-PESA account on prompting cash back.
- Minimum target period is 1 month.
- Enjoy attractive Interest rates of 6.3% p.a. on your savings.
