M-Shwari is a paperless banking service offered through M-PESA. It will:
1.Enable you open and operate an M-Shwari bank account through your mobile phone, via M-PESA, without having to visit banks or fill out any forms.
2.Provide you the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge.
3.Give you an opportunity to save as little as KSHs.1 and earn interest of up to 6.65% p.a on your saving balance. This cash is moved into the savings account via M-PESA.
4.Enable you to access micro credit product (loan) of a minimum of KSHs.100 any time and receive your loan instantly on your M-PESA account charged at a facility fee of 7.5%
5.Save for a fixed period of time (Lock Savings Account) and earn interest of up to 70% of the Central bank Rate.
This is a product for everyone who feels that banking should be hassle-free. No forms to fill in, no branches to visit. Just one click on your phone and you have a savings account!
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
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.