Question: Is M Shwari Safe?

Which is better KCB mpesa or MShwari?

The KCB M-PESA account has more features than M-Shwari.

When you apply to M-Shwari for a loan and it is approved, the funds are disbursed directly to your M-Pesa wallet.

With KCB M-Pesa, funds are disbursed to the customer’s KCB M-Pesa account before they can be transferred to M-Pesa..

Can you withdraw from Mshwari lock account?

A Lock Saving Account acts as a deterrent from spending the money you have saved. Though M-Shwari allows you to withdraw money from your Lock Account before the lock period is over at no cost, you need to make an application and then wait for 48 hours before your money is credited to the M-Shwari account.

How do I opt out of Mshwari?

How can I opt out of Mshwari or KCBMPesa?…This possible though and here is how;Visit the Nearest NCBA Bank for Mshwari or KCB Bank for KCBMPesa.Ask for your account closure.Present your documents including your ID card.Get your account closed.

Can you get a loan after clearing with CRB?

If your name or ID has been negatively listed on CRB and you have never defaulted or taken a loan then somebody might have used your information to borrow a loan. If you know the company that submitted your name to CRB, contact them and launch a dispute so that your name can be cleared.

Do m shwari savings earn interest?

M-Shwari savings accounts earn interest and are protected by deposit insurance.

What is Mshwari lock savings account?

This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time. … The M-Shwari lock Savings Account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.

What happens if you don’t pay your KCB mpesa loan on time?

However, In the event that you do not repay the loan in full within sixty (60) days from the date when the loan was first granted, you will be liable to pay a late repayment penalty fee of 10% of any outstanding principal, interest, negotiation fees and any other fees payable under the KCB M-PESA.

Can I pay Mshwari loan for another number?

If you need to repay an M-Shwari loan for another number you can do so by sending the money to the other party via their M-Pesa account. To do so simply: Go to your M-Pesa menu and select the ‘Send Money’ option. Next, enter the phone number of the individual you are sending the money for the M-Shwari loan to.

How do I increase my KCB mpesa limit?

How do I grow my loan limit? Increase activity on your KCB M-PESA Account by moving money in and out of your Account.

How can I earn interest on my money?

So, if you have some money set aside and want to earn a higher rate of interest without taking too much risk, consider these strategies.Take advance of bank bonuses. … Consider certificates of deposits. … Build a CD ladder. … Switch to high-interest savings account. … Consider a rewards checking account.More items…•

How much can you save on M shwari?

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 KSHs. 1 and earn interest of up to 6.65% p.a on your saving balance. This cash is moved into the savings account via M-PESA.

Is MShwari safe?

Your money is safe because your M-Shwari account is protected by your M-PESA PIN. … Once you activate your M-PESA menu, using your current M-PESA PIN you will be able to access your M-Shwari account.

What happens if you dont pay Mshwari loan?

M-Shwari loan penalties are imposed on you in the event of not repaying the overdue M-Shwari loan within 30 days. Your loan repayment period is increased further by 30 days. The result is an increase in M-Shwari loan rates. … If you pay during this period, you will further not access loans for 30 days.

How does M shwari loan limit increase?

HOW TO GROW M-SHWARI LOAN LIMIT. Increase activity on your Mshwari Account by moving money in and out of your account. Increase savings on your MShwari Account. Increase usage of M-PESA services.

Can you pay MShwari loan using Fuliza?

This now means that everyone who has been using M-Shwari to get loans of less than the new limit will be forced to seek other means, or to use Fuliza, another loan (overdraft) product by Safaricom. … You can only access it when sending money or using Lipa Na M-Pesa and your balance is short.

How do I lock my money in MShwari?

Go to M-PESA, Loans and Savings, M-Shwari, Lock Savings Account, Open Account, select to save from either M-PESA or From M-Shwari, Enter Target Amount, enter period between 1-6 months, Enter amount to save. You will receive an SMS confirmation that your Lock Savings Account has been set up.

Which bank in Kenya has the best savings account?

Top 3 Savings Accounts in Kenya (2020)My Favorite Kenyan Savings Account: KCB’s Simba Savings Account. … Best High-Yield Kenyan Savings Account: ABSA’s Zidisha Bonus Account. … All-In-One Banking: Safari Savings by Standard Chartered.

Can you Fuliza with Mshwari?

While an M-Shwari loan comes as credit in a customer’s account, allowing the borrower to withdraw the money or transfer it out, Fuliza is an overdraft service that allows customers to complete M-Pesa transactions when they have insufficient funds. … “Since launching M-Shwari, we have rolled out Fuliza with Safaricom.