Fuliza, on the other hand, is different. If you have Kshs 5, 000 in your M-Shwari account, will you get a loan of the equivalent amount?
M-Shwari is a paperless (mobile-centric), safe and fast service that allows you to save; borrow through your phone.
However you can continue to deposit money. This is not to say Fuliza is way expensive.
You will be paid interest paid on your savings balance (Interest will be calculated daily but paid out at the end of each calendar quarter). Follow this procedure to join M-Shwari and begin saving on the platform; READ ALSO: Savings challenge - learn how to keep your money locked till end of the year. The savings account earns an interest of up to 7% per annum if the money is retained in the account until maturity. To open and save into the lock savings account, you must be an M-Shwari customer. Yes, it is possible to activate more than one M-Shwari account. Go to 'M-PESA' menu and select 'M-Shwari.
The minimum amount that you can keep in your account is Ksh 0 (zero) balance. 1075 should they now Fuliza the same amount, and wait for 30 days, they’d be paying back about KES.
The standard M-PESA limits apply; however you can deposit as low as ksh.1 in your M-Shwari savings account.
The new M-PESA menu with M- Shwari menu will be sent to your line. All rights reserved.
Leave your email to receive our newsletter, Get the news that matters from one of the leading news sites in Kenya, Drop your mail and be the first to get fresh news, Woman narrates organising birthday party for lover only for his other girlfriend to show up, Nairobi: Woman dies after spending night at lodging with husband's brother, 5 Kenyan radio presenters who thrilled airwaves, remain faithful to the trade, Zari Hassan's sister Ashley unveils her mzungu baby daddy and netizens are impressed, Former TV host Faith Muturi shows off her beautiful family in lovely photo, Kenyans sharply divided on proposed reopening of schools in October, Actress Wilbroda says her ex-lover asked her to pack and leave while their baby was months old, Savings challenge - learn how to keep your money locked till end of the year, M-Shwari registration, loan application, limits, and interest rates, Open the M-Pesa menu on your mobile phone, Choose M-Shwari and select Lock Savings Account, Select to either save from M-Pesa or M-Shwari. After accepting the terms; an SMS will be sent informing you that you are now activated on the M-Shwari service.
There are no ledger fees, no limit on the frequency of withdrawals, no minimum operating balance and no charge on deposits (M-PESA to M-Shwari Account). The savings account allows people to keep their money in a safe place and earn a small amount of interest each month or year. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
After a SIM swap, will your M-PESA line pick the M-Shwari account you had on a previous line or do you have to opt-in again? The fee is payable once for each loan you take. However, you can continue to deposit money. This will not only prevent you from being listed with CRB but also raise your loan ceiling. The outstanding loan balance will be paid off and the extra amount will be moved to your M-Shwari savings account. No. Bank account Balance message for customers without an outstanding loan - {M-PESA Receipt Number} Confirmed.
You should click on “Decline” on the M-Shwari menu if you do not agree with the terms and conditions. Repayment Dates.
You can also view the M-Shwari transactions from the M-PESA statement available on web self-care.
Interest rates for the lock savings account are as follows; Image: facebook.com, @m-shwarikenyaSource: UGC. To accept the terms and conditions, click “Accept” on the M-Shwari menu that requests you to confirm that you have read, understood, and agreed to abide by the terms and conditions. Enter the M-Pesa pin to complete the transaction, You will receive a confirmation SMS that you have successfully set up your Lock Savings Account.
You can earn Bonga Points on M-PESA transactions; currently the M-Shwari service will not earn Bonga points, but this is being considered in the near future.
The only exception is that you are denied access to the funds for an agreed period of time, which could be either one month, 3 months, 6 months or one year. There are no withdrawal charges in moving money between M-Shwari account and M-PESA. You need to hold any of the following identification documents; Kenya National Identification Document (ID); Kenyan Passport Document; Alien ID (resident Permit) registered by the Government of Kenya.