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IMPORTANT NOTIFICATION :   This application is not currently active and all messages, content, images, user journeys or features displayed are presented for demonstration and illustration purposes only. No promotions are currently active and any dates, incentives or prizes are mentioned just for demonstration purposes. The app is not approved or endorsed by the brand represented here at the moment. For further information contact the service agency via subs@silverstonecis.com.

M-Shwari

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.

M-Shwari Mechanic

M-Shwari, 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. M-Shwari 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 to M-Shwari.

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. With M-Shwari, one has access to Deposit and Loan products that are convenient, reliable and cost-effective for making micro-savings and taking micro-loans.

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
  • n line with the Banking (Amendment) Act 2016, all deposits on M-Shwari will earn interest of 7.35% p.a being 70% of CBR.
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 how much you can borrow, go to M-Shwari, Loan, check Loan Limit.

1)  What is a 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 six 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.

 

2)  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.

 

3)  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.

 

4)  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 7% PA being 70% of CBR.

 

5)  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”. The menu is as displayed below when accessed the first time.

 

6)  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.

7)  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.

 

8)  Can a customer withdraw their funds before maturity date? 

  • Yes. 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

Click here to download the terms and conditions

Click here to download the addendum to the terms and conditions (Lock Savings Account)

To activate M-Shwari, follow these steps:

Read the frequently asked questions here

Download the key facts document here