• Home
  • Blog


131 how to open and operate m shwari account 1




M-Shwari is the revolutionary new banking product for M-PESA customers that allows one to save and borrow money through the phone while earning you interest on money saved.but the interest is earned in accordance withe the balance saved at your account. M-Shwari is a paperless banking service offered through M-PESA which enables one to;


·         Open and operate an M-Shwari bank account through mobile phone, via M-PESA, without having to visit banks or fill out any forms.


·         Move money in and out of your M-Shwari savings account to M-PESA account at no charge.


·         Save as little as Ksh.1 and earn interest on your saving balance. This cash is moved into the savings account via M-PESA.


·         Access micro credit product (loan) of a minimum of Ksh.100 any time and receive your loan instantly on your M-PESA account.


many people have shunned from opening M-Shwari account due to the fear that their money may not be in safe hands or due advancement of the technology, hackers may find their way to ones account and cause economic destruction.The privacy of one accounts lies in his/her and in that the holder should never let any party to access or even know their PIN NO. In order to open an M-Shwari account with the bank, one must be atleast 18 years old and a registered and active M PESA subscriber.


One may also open an M shwari Account solely by way of an electronic application made by you using equipment via the M-Shwari menu on the MPESA system.


When you submit your request, you agree and authorize the bank to request Safaricom for your personal information held by Safaricom pursuant to the agreement between you and Safaricom for the provision of Safaricom’s services and products and the M-PESA services including your phone number, name, date of birth, ID or passport Number and such other information that will enable the bank to identify you.


M-Shwari maintains following accounts:


M-Shwari deposit account As a holder of M-Shwari account, you may make deposits into or withdraws from your M-Shwari deposit account using the M-Shwari menu on your equipment.


The transaction fee payable to Safaricom for the transaction effected in respect of your M-PESA account from time to time will apply to any transaction effected of your M-shwari account using the M-PESA system.


M-Shwari loan account Where you apply for loan from the bank, your application shall be appraised according to the applicable loan appraisal processes of the bank. The bank reserves the rights at its sole discretion and without assigning any reason to approve or decline your application.


Your proceeds of the loan are credited into your M-PESA account subject to any deductions on account of applicable transaction fees.


The bank will charge a facility fee of 10% of the loan amount which is paid in arrears in addition to the loan.


You shall repay the loan within thirty calendar days of the date disbursement of the loan.


Failure to repay the loan within the 30 days the bank rolls over the balance to the next month and charges you an extra 10% of the current outstanding balance. Failure to repay the loan the bank may decide to close your account completely.


Opening and operating M-Shwari Account is as easy as opening your closed eyes!!

Article source: https://www.zakenya.com/Finance/131-HOW-TO-OPEN-AND-OPERATE-M-SHWARI-ACCOUNT.html



About the Author

Follow me

Emerging from the athletic heartland of Rift Valley, Eka Kaoo was destined to have a relationship with sports. However, instead of lacing up running shoes, Eka picked up a pen, weaving narratives around the athletes who brought pride to Kenya.

Growing up, Eka was deeply inspired by the marathoners and middle-distance runners from his region, often finding himself amidst training camps and local races, absorbing stories of dedication, sweat, and sheer willpower.

Eka pursued his passion academically at a renowned university in Kenya, specializing in Sports Journalism. This formal education, combined with his intrinsic understanding of the Kenyan sporting ethos, allowed him to produce articles that resonated deeply with readers. His pieces, rich with local anecdotes and broad insights, began to get attention both within the university and in the national press.

Upon graduation, Eka became a sought-after name in sports journalism. His writings, spanning across various sports but with a soft corner for track and field, offered a fresh perspective, blending personal athlete stories with technical analyses.

Eka Kaoo's articles soon began appearing in international sports magazines and journals, elevating him to the status of an ambassador for Kenyan sports on the global stage. He covered major events like the Olympics and the World Championships, consistently providing readers with unique, Kenya-centric viewpoints.

Beyond his journalistic endeavors, Eka has been instrumental in organizing grassroots sports events in Kenya, aiming to unearth hidden talents and provide them with a platform to shine.

Today, as one of the leading voices in sports journalism in Africa, Eka Kaoo continues to champion the stories of athletes, always reminding the world of the heart, soul, and spirit of Kenyan sports.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}