M-shwari and Mshwari: A new way to save and access loans from your mobile phone
Mshwari is a Safaricom product that allows MPESA users to save money and earn interest with the lowest bankable amount being KES1. The product was launched late last year amid protests from faulu Kenya another financial institution in Kenya, who claimed being the inventors. Mshwari also allows existing MPESA users to borrow money and pay back with interest of 7.5% per month.
With Mshwari you can save or withdraw money as often as you prefer without any charges. Withdrawal charges are applicable only when you withdraw money from an MPESA agent or ATM.
To save money to your Mshwari or M-shwari account go to MPESA
Send TO Bank
Enter your MPESA pin and press OK/Call
To withdraw money from your Mshwari or M-shwari account,
go to MPESA
Withdraw from Bank
Enter your MPESA pin and press OK/call
Information Note that your Mshwari balance earns you interest.
For KES1 to KES10,000 you earn an interest of 2% per annum.
KES10,001 upto KES20,000 you earn an interest of 3% per annum
KES20,001 upto KES50,000 you earn an interest of 4% per annum
KES50,001 upwards you earn an interest of 5% per annum better than any old banking system in Kenya.
With an interest rate of 5% per year, you may double your savings in less than 20 years better than Malipo ya uzeeni fund.
save money with Mshwari
Use Mshwari to accumulate wealth
Earn Interest with Mshwari