M-Shwari- Loan, Loan Limit, Interest rate, Activation.
M-Shwari is the revolutionary new banking product for M-PESA customers that allows you to save and borrow money through your phone while earning you interest on money saved. With M-Shwari, you are also entitled to affordable emergency loans.
It is coined from a Swahili word that means smoothen or make something better or good, is a revolutionary product set to change the lives of millions of Kenyans. The service is brought to you by CBA and Safaricom. The “M” signifies mobile centric as this product is operated entirely from your mobile phone.
It will not be accessible through any CBA branch but your handset. All you need is your handset and to be registered on M-PESA! There are no forms or additional documents required for you to sign up.
M-Shwari is a suite of banking products that are offered to M-PESA customers via their handset to enhance the M-PESA value proposition. One has access to Deposit and Loan products that are convenient, reliable and cost-effective for making micro-savings and taking micro-loans.
Benefits include the following:
-Convenience of mobile banking i.e. you can transact from the comfort of your location
-Paperless (mobile centric), safe and fast service.
-No minimum balance
-No ledger fees
-No transactional charges while moving money between M-Shwari and M-Pesa
-Competitive interest rates
-Access to credit facilities
How it works
Deposit Product
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
-Earn up to 5% interest
Loan Product
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 on how much you can borrow, dial *234*6#
To activate, follow these steps:
Go to safaricom menu
Select M-pesa
Select my Account
Select update menu- your Mpesa menu will be updated to have the mshwari menu
Select Mshwari
Select activate account
Accept the Terms and Conditions
An sms will be sent to confirm that you are now activated.
