Safaricom today launched a new mobile money service known as M-Shwari. M-Shwari is partnership between Safaricom and CBA which runs on Mpesa and will be included on the Mpesa sim card menu. But the users need to update the Mpesa menu first. To update Mpesa menu, go to Mpesa, then My Account and then update Mpesa menu
Basically M-Shwari is like what M-Kesho needed to be after growing up but it seems Safaricom and Equity Bank disagreed on how to move forward. CBA bank has been Mpesa holding bank and therefore there is no chance of M-Shwari going in the same direction as Mkesho.
If you don’t have Mpesa account then the first step is to open a mobile bank account, M-Shwari , into which you can deposit as low as Sh1 in savings and borrow amounts ranging from Kshs 100 to 20,000 payable with a one-off interest rate of 7.5 per cent . The highest amount is expected to rise to 100,000 in the near future.
Ladies and gentlemen meet what we call the pay day loan. Now people will get broke mid month, borrow 20k and pay back at the end of the month.. And the cycle continues.. In my view the interest of 7.5% per month is too high. But for all the things Safaricom has done around Mpesa, this is a golden move. I call it money minting move if there is something like that. I know it because two of my friends tried to run Payday loans sometime back and I know how popular that can be. But financial laws does not allow the individuals to do such thing so, they had to shut it down after it became past the cycle of friends
So M-Shwari is a paperless banking service offered through M-PESA. It will;
- Enable you open and operate an M-Shwari bank account through your mobile phone, via M-PESA, without having to visit banks or fill out any forms.
- Provide you the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge.
- Give you an opportunity to save as little as Ksh.1 and earn interest on your saving balance. This cash is moved into the savings account via M-PESA.
- Enable you to access micro credit product (loan) of a minimum of Ksh.100 any time and receive your loan instantly on your M-PESA account.
By the way , it just had to be “M” something..I can see the spirit of using mvitu naming code is not going to die soon.
10/10 to Safaricom for launching it right before the end of the month. That ensures that a lot more people sign up fast as they are broke.
its a good technology thing but i really doubt if its benefiting the end user to the required percentage. its looks like more of okoa jahazi than a a banking thing. i have a feeling that its benefiting the government and the people/companies offering this service more than the end user. its my opinion.
Kudos to Safcom for showing banks that there is so much more that can be done out there and they need to take advantage of technology to make life easier for their clients. No more loan forms with unnecessary details like the landlords number!
This is a good idea but they need to asure kenyans about the safety iof this kind of business. There is the rate of paying the loan, but which rate does one earn interest?
Why don’t we have a next of kin on this kind of business. I think something needs to be done here….
Between 2 and 5 Percent ..interest on the deposit
Yeah..i see more people signing up when they are broke…but unless you deposit something there way before that, you will be eligible for zero loan
Anything to do with bank and bankers never benefit the end users…always the banks..and this is not different
I also noted that the loans are pegged on one’s usage of data M-PESA and voice on the Safaricom network. I wonder how the consumers will react to this given that it is designed for the lower end of the market.
Mobile money transfer luxuries charging huge in transfer
rates. Now, they have stepped into http://approvedcashadvance.com/ as well. But my question is who is going to monitor and regular that
the practice is happening within rules of the government?
I am a private loan lender which have all take to be a genuine lender i give out the best loan to my client at a very convenient rate.The interest rate of this loan is 3%.i give out loan to public and private individuals.the maximum amount i give out in this loan is $1,000,000.00 USD why the minimum amount i give out is 5000.for more information contact us Email [email protected]
Your Full Details:
Full Name :………
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state:………….
Sex :………….
Address…………
Tel :………….
Occupation :……..
Amount Required :…………
Purpose of the Loan :……..
Loan Duration :…………
Phone Number :………
Contact Email [email protected]
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