M-Shwari
If you are using M-Pesa, then there is a higher chance you’ve come across M-Shwari. M-Shwari is a banking-like service launched by Commercial Bank of Africa CBA and Safaricom. The name M-Shwari was coined from a Swahili word shwari which means its all good or smooth. The product can be accessed through the M-Pesa menu on your phone. M-Shwari allows you to access to Deposit and Loan products that are convenient, reliable and cost-effective for making micro-savings and taking micro-loans.
All you need is your handset and to be registered on M-Pesa. Once M-Pesa is active, go to the M-Pesa menu, select loans and savings, select M-Shwari and activate. There are no forms or additional documents required for you to sign up to M-Shwari.
How M-Shwari can help you save more money
M-Shwari is tailormade to ensure that you, the user, get the most out of it, especially in terms of savings. There are several features M-Shwari posses that allows you to save your money for a specific purpose securely or even for unexpected occurrences bound to happen in the future.
when you save with M-Shwari, you Enjoy the following features
No minimum operating balance in your account
No charges are levied on the account
No ledge fees
No charges for moving money from M-PESA to M-Shwari account and vice versa
As we had earlier stated, M-Shwari is easily accessible. You don’t need to get to a bank, wait up in long queues and fees to be paid before opening and depositing your money in your savings account. This has made savings quickly because what you need are your phone and an active M-Pesa line. Furthermore, the process of opening an account is instantaneous. That is not only accessible but also convenient to you as a user.
As we all know, M-Shwari allows you to borrow money in times of need. However, for your limit to grow, you ought to increase your savings. It is therefore prudent to grow your savings with M-Shwari in order to access more credit every time you need.
M-Shwari will make you save more because the product depicts the stance “Save more, make more”. What this means is the fact that deposits on M-Shwari earn handsome interests. This is according to the Banking (Amendment) Act 2016, which states that all deposits on M-Shwari will earn interest of 7.35% p.a being 70% of CBR. Imagine an interest rate of 7.35% per year just from your phone. To me, that’s just awesome.
M-Shwari a unique deposit account called Lock Savings Account. This is a savings account that allows you, the M-Shwari customer, to save for a specific purpose and a defined period. The funds saved on the M-Shwari Lock Savings account will be kept in the account until the maturity date determined by you upon opening the account. The period ranges between one and six months. All you have to do is to make deposits to the account. If you wish to keep your money away safely for one to six months or looking for higher interest rates, then the M-Shwari Lock Savings account is ideal for you.
Then there is the M-Shwari 52-week Challenge. This is a program by M-Shwari that seeks to promote a saving culture among Kenyans through the M-Shwari platform. The main aim is to save a total of Ksh 68,900 in a year. The process starts when you save 50 shillings for the first week then increase the amount by 50 shillings in the consequent weeks up until the last week of the year. You are guaranteed a peace of mind as M-Shwari ensures the saved amount is safe and easy to deposit. This challenge will not only save you more money but also steer your saving skills.
It is heartbreaking and discouraging to try and access an account only to find it dormant. Most banks charge a fee to activate the account. M-Shwari account, however, is different. No matter how and when you will be using the account, whether transacting, depositing or withdrawing cash, you will always find it active, and that is beneficial to the average person.
As the saying goes “Be sure you can be young without money, but you can’t be old without it,” so be sure to open an account with M-Shwari. This is the best, and most accessible savings account there is. What are you waiting for?