Mshwari Mobile Banking Service from Safaricom and CBA
Mpesa has been a great success story, at least if you live in Kenya; however, at some point we’ve been pessimistic on how the service could be broadened further to match current banking services from financial institutions like banks. What I mean is, why would someone even think of putting cash on a mobile phone while the same could reward his pocket with additional interest from banks. Both Safaricom and Commercial Bank of Africa have promised us this capability via a new mobile banking service dubbed Mshwari, the service is however hooked to Mpesa in various ways that non Mpesa subscribers won’t benefit from it. Users can save as little as Ksh.1 to a savings account accessible via the Mpesa menu and earn an interest at a standard rate depending on the total amount inside the account. Beyond the savings benefit, you’d now easily access a micro-credit service right on your phone without involving any collateral.
- On your Mpesa menu, navigate to ‘Mshwari’ menu and select ‘LOAN’
- Choose ‘Request Loan’ and enter the amount followed by your Mpesa Pin
- You’ll receive a confirmation message immediately followed by either successful or unsuccessful request.
- Dial *234*6#, you’ll need to accept the terms after which a detailed report of how much you can borrow plus if you’re eligible will be sent on your handset.
- On your Mpesa Menu, go to Mshwari
- Select ‘Send to bank’ to deposit and enter your Mpesa Pin
- You’ll receive confirmation message detailing the amount, date and balance
- Loan repayment interest is 7.5%p.m
- Competitive interest rates are calculated daily and paid quarterly on savings
- There are no charges on moving funds between Mpesa and M-shwari accounts