Is M-Shwari good for saving?
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.
Can I have 2 M-Shwari accounts?
Yes, it is possible to activate more than one M-Shwari account. Each M-Shwari account is linked to a mobile number. However if you want another M-Shwari loan on another M-PESA line you will be required to first pay the outstanding loan on the M-PESA account from which you borrowed.
Does money in M-Shwari earn interest?
What interest will be payable on the M-Shwari Lock Savings? M-Shwari lock interest is earned daily and paid out monthly….M-Shwari 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 |
Can I withdraw from M-Shwari lock savings account?
Frequently Asked Questions on Mshwari Lock Savings Account Upon maturity, a notification will be sent to you via SMS from M-Shwari informing you of the amount saved and the interest earned. 2. Can I withdraw their funds before the maturity date? Yes.
How much can M-Shwari hold maximum?
What’s the maximum amount you can save on Mshwari Lock savings account? There’s no fixed maximum but per day, you can’t exceed the usual daily M-pesa transaction limit of Ksh 140,000. Overall, in terms of convenience and flexibility, an Mshwari lock savings account is one of the best savings account in Kenya.
What is the maximum M-Shwari savings?
Is M-Shwari owned by Safaricom?
‘Shwari’ means calm in Kiswahili, yet M-Shwari, launched in November 2012 through a strategic partnership between Commercial Bank of Africa (CBA) and Safaricom, has taken the Kenyan market by storm.
Which is the best bank to save money in Kenya?
Best Banks In Kenya To Open A Savings Account And Earn High Interest [2022]
- Absa.
- Co-operative bank.
- Credit bank.
- Diamond Trust bank.
- Gulf bank.
- Mayfair bank.
- Middle East bank.
How much can one save in M-Shwari?
What is the maximum amount you can save on M-Shwari?
What’s the maximum amount you can save on Mshwari Lock savings account? There’s no fixed maximum but per day, you can’t exceed the usual daily M-pesa transaction limit of Ksh 140,000.
Which is better KCB MPesa or M-Shwari?
The KCB M-Pesa account has also upped the maximum repayment term to 6 months, compared with M-Shwari’s maximum term of one month, or two if rolled over. M-Shwari customers have reported difficulties in repaying their loans in a month, especially in emergencies when it takes them time to recover financially.
How much can you save in M-Shwari?
How can I increase my M-Shwari?
To increase your M-Shwari loan limit:
- Make Bill Payments via Mpesa.
- Avoid deleting your M-Pesa Payment SMS.
- Early M-shwari loan Repayments.
- Occasional M-shwari Loan Applications.
- Making regular savings on your M-shwari account.
Can I use my M-Shwari loan on another M-Pesa line?
Each M-Shwari account is linked to a mobile number. However if you want another M-Shwari loan on another M-PESA line you will be required to first pay the outstanding loan on the M-PESA account from which you borrowed. What benefits do I get when I save my money on the M-Shwari service?
What is the difference between M-Shwari and other banks?
In other banks, interest is calculated daily but paid out annually while M-Shwari interest is paid out quarterly. The daily average deposit balance will earn the customer interest even with the minimum balance amount. M-Shwari has competitive interest rates on savings, better that the other banks.
How much is the limit of a loan in mshwari?
For example, a loan of Ksh 1000 for a duration of a month will be paid back with the interests of Ksh 75. The limit of the loan that you can get is guided by the amount of money that you save with MShwari. The loan does not require any security and there is no minimum balance for an M-Shwari account.
How do I access my M-Shwari account?
M-Shwari accounts can only be accessed via M-PESA. M-Shwari leverages M-PESA’s unparalleled mobile money reach (7 out of 10 Kenyans are active mobile money users) as M-Shwari accounts are the only financial service that customers can access directly via the M-PESA menu on a mobile device.