Mshwari Loan Kenya – M-Shwari is a revolutionary financial service offered in Kenya, providing a seamless blend of savings and loan facilities to M-PESA customers. It’s a service that has transformed the way people manage their finances, offering a convenient and accessible solution for both saving and borrowing. In this article, we’ll explore the various aspects of M-Shwari, focusing on its loan services in Kenya, and how it’s changing the financial landscape for the better.
M-Shwari: A Brief Overview
M-Shwari is a collaboration between Safaricom and Commercial Bank of Africa (CBA), offering a paperless banking service that allows M-PESA customers to save and borrow money. The service is accessible via mobile phones, making it incredibly convenient for users across Kenya. See Trending App in Zambia Mwachangu Zambia Review | How to Use the Mwachangu Loan App
With M-Shwari, customers can save as little as Kshs. 1 and earn interest of up to 6.3% per annum on their savings balance. The savings can be for a fixed period or flexible, depending on the customer’s preference.
Lock Savings Account
M-Shwari also offers a Lock Savings Account, allowing customers to save for a specific purpose over a defined period, ranging from one to twelve months. This account is ideal for those looking to earn higher interest rates and keep their money safe for a set period.
M-Shwari Loan Services
M-Shwari provides instant access to loans, credited directly to the M-PESA account. The loan amounts range from Kshs. 1,000 to Kshs. 1 million, with a loan fee of 9%, including 7.5% Loan Fees and 1.5% Excise Duty.
How to Qualify for a Loan
To qualify for an M-Shwari loan, one must:
- Be an M-PESA subscriber for at least six months
- Save on M-Shwari
- Actively use other Safaricom services such as voice, data, and M-PESA
Loan Limits and Repayment
Customers can access loan limits from as low as Ksh. 100 to Ksh. 50,000, with a one-month repayment period. Repayment can be made via M-PESA or directly from the M-Shwari account. This is the best Taxi ride in Zambia; Yango Taxi App Zambia Review
How M-Shwari Works
Accessing M-Shwari is simple:
- Access the M-PESA menu
- Select Loans and Savings
- Select M-Shwari
- Choose between Loan or Savings options
- Follow the prompts to request a loan or save money
Benefits of M-Shwari
- No Minimum Savings Requirement: There are no charges levied on the M-Shwari Lock Savings account, and no minimum savings are required.
- Flexible Savings and Loan Options: M-Shwari offers various savings and loan options to suit different customer needs.
- Accessibility: Being a mobile-based service, M-Shwari is accessible to a wide range of customers, even in remote areas.
- Security: M-Shwari provides a secure platform for both savings and loans, ensuring customers’ financial safety.
Conclusion
M-Shwari has become a vital part of the financial ecosystem in Kenya, offering a unique blend of savings and loan services that cater to a wide range of needs. With its ease of access, flexibility, and security, M-Shwari is not just a financial service; it’s a financial partner that empowers Kenyans to take control of their financial future.
Whether you’re looking to save for a specific goal or need instant access to a loan, M-Shwari offers a convenient and reliable solution. It’s a testament to the power of innovation and collaboration, bringing banking services closer to the people and contributing to financial inclusion in Kenya.
Frequently Asked Questions (FAQs) about M-Shwari
1. What is M-Shwari?
M-Shwari is a mobile-based savings and loan service that allows M-PESA customers in Kenya to save money and access instant loans.
2. How do I qualify for an M-Shwari loan?
To qualify, you must be an M-PESA subscriber for at least six months, save on M-Shwari, and actively use other Safaricom services.
3. What are the loan limits with M-Shwari?
You can access loans from as low as Ksh. 100 to Ksh. 50,000.
4. How do I repay an M-Shwari loan?
Loan repayment can be made via M-PESA or directly from the M-Shwari account.
5. Can I withdraw funds from the Lock Savings Account before maturity?
Yes, but the requested money will be received after 48 hours. You can withdraw the entire amount or make a partial withdrawal.
6. What interest is 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.
7. How do I open a Lock Savings Account?
Go to M-PESA, select Loans and Savings, then M-Shwari, and follow the prompts to open and save into a Lock Savings Account.
8. Are there any fees associated with M-Shwari?
There are no charges levied on the M-Shwari Lock Savings account. For loans, a fee of 9% is charged, including Being Loan Fees and Excise Duty.
9. How do I access M-Shwari on my mobile phone?
Access the M-PESA menu, select Loans and Savings, then M-Shwari, and follow the prompts for loans or savings.
10. What happens when my money in M-Shwari Lock Savings matures?
Upon maturity, a notification will be sent via SMS from M-Shwari, informing you of the amount saved and the interest earned.
11. Is M-Shwari secure?
Yes, M-Shwari provides a secure platform for both savings and loans, ensuring the financial safety of customers.
12. Can I save for a specific purpose with M-Shwari?
Yes, the M-Shwari Lock Savings Account allows you to save for a defined purpose over a specified amount of time.
M-Shwari continues to be a game-changer in the Kenyan financial landscape, offering a convenient and accessible way to manage money. If you have any more questions or need further assistance, don’t hesitate to reach out to Safaricom’s customer service.
