M-Shwari & KCB M-PESA
M-Shwari
M-Shwari is a paperless banking service offered through M-PESA. It will:
- 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.
- Provide you the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge.
- 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.
- 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%
- 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.
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?
- In line with the Banking (Amendment) Act 2016, all deposits on the M-Shwari Lock Savings Account will earn interest of 6.65% PA being 70% of CBR.
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
M-Shwari Terms & ConditionsGet answers for M-Shwari and everything Safaricom.
KCB M-PESA ACCOUNT
What is it?
This is a mobile based account offered exclusively to M-PESA customers enabling you to:
- Access loans at attractive low interest rates of 1.08% per month with a one off negotiation fee of 2.5%. The cost for the 1 month loan is 4.08% with excise duty applicable on negotiation fees.
- Save for a fixed period of time (Fixed Deposit Account) or save a little at a time for a set period (Target Savings Account) and earn interest of up to 6.3% p.a.
- Transfer money in and out of the KCB M-PESA Account for FREE.
How to sign up
- Access through the M-PESA menu > Select Loans and Savings > Select KCB M-PESA and Activate.
Features
1. LOANS
- Upon activating the account, you will be issued with a loan limit from where you can borrow instantly. Loans issued are deposited into the KCB M-PESA Account.
- You can access loan limits from as low as Kes. 50 and up to Kes. 1M.
- 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 period (1).
- Enter your M-PESA PIN
- Loan amount will be sent to your KCB M-PESA Account less the interest, negotiation fee and excise duty which is deducted upfront.
- To access, the loan, go to KCB M-PESA menu and select Withdraw to M-PESA.
2. 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
I. 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, 3, 6 or 12 months)
- Enter M-PESA PIN and confirm the transaction
- You will receive an M-PESA confirmation.
Benefits
- Locked periods include 1, 3, 6, and 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.
II. 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, 3, 6 or 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, 3, 6 and 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.
