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FAQsM-Shwari

About M-Shwari

1) What are the requirements to have an M-Shwari Account?

  • Be a registered Safaricom Subscriber.
  • Be a registered Safaricom M-PESA customer.
  • Have an active Safaricom M-PESA account/line.
  • 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

2) What are the services that M-Shwari offers?

  • Transfer from M-Pesa to M-Shwari
  • Transfer from M-Shwari to M-Pesa
  • Make a loan request
  • Repay loan
  • M-Shwari balance enquiry
  • M-Shwari mini statement

3) Can I access M-Shwari through a CBA Branch or through any electronic channel?

M-Shwari is operated entirely from the mobile phone and cannot be accessed through a CBA branch. M-Shwari is a separate bank account and is NOT linked to your CBA account or any other bank account.

Deposit Product

1) What are the M-Shwari Deposit Account features?

  • No minimum balance 
  • No charges levied on the account
  • No charges for moving money from M-PESA to M-Shwari account and vice versa
  • Interest on savings is calculated based on the average daily balance
  • Interest on savings is accrued and paid quarterly (at the end of every 3 months)
  • No ledger fees

2) What is the minimum amount that one can deposit? (Send to bank) 

  • Minimum is Ksh.1

3) What is the minimum and maximum amount that one can withdraw? (From M-Shwari to M-Pesa) 

  • Minimum is Ksh.1
  • Maximum is subject to the M-PESA transfer/withdrawal limits

Loan Product

1) What are the features of the M-Shwari Loan?

  • Quick access to credit
  • Loan repayment period is 30 days
  • One time facility fee of 7.5% (introductory)
  • Rollover fee of 7.5% (introductory) if the customer does not pay within the 30 day period. 
  • Loan is disbursed directly to the customers M-PESA account

2) Who is eligible for an M-Shwari loan?
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.
3) How do I check how much I can borrow?
Dial *234*6# you will get a notification asking you if you have read and accepted the terms and conditions.

This will also give you information on whether you are eligible for a loan and the loan amount limit that will be awarded to you.

4) ) Is there any interest charged on M-Shwari loans?
No. M-Shwari loans do not attract any interest charge. However, there is a facility fee of 7.5% charged on the cost of processing the loan.

Tariffs and Guides

1) What are the interest rates applicable on the M-Shwari Deposit Account?

  • In line with the Banking (Amendment) Act 2016, all deposits on M-Shwari will earn interest of 7.35% p.a being 70% of CBR.

2) What are the transactional charges for a deposit account?

Transaction

Charges

Deposit from M-Pesa to M-Shwari

0

Withdraw from M-Shari to M-Pesa

0

3) What are the transactional charges for the loan product?

Transaction

Charges

Loan request

0

Repay loan

0

Loan facility fee

7.5%

4) Is there any interest charged on M-Shwari loans?

No. M-Shwari loans do not attract any interest charge. However, there is a facility fee of 7.5% charged on the cost of processing the loan.

Queries and Feedback

If you have any queries on the product:
  • Contact Safaricom Customer Care by dialing 234. See steps below to get assistance on M-Shwari.
  • Visit any Safaricom Retail Shop country-wide