What is M-Shwari & KCB M-PESA in kenya

M-Shwari

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 KSHs.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 KSHs.100 any time and receive your loan instantly on your M-PESA account.

This is a product for everyone who feels that banking should be hassle-free. No forms to fill in, no branches to visit. Just one click on your phone and you have a savings account!

Now you can get going, Lainisha maisha na M-Shwari

Lock Savings Account

This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified period of time. The funds saved on the M-Shwari Lock Savings account will be kept in the account until the maturity date. The maturity date which is between a period of one to six months will be set upon opening the account.

Steps to open the Lock Savings Account

1. Go to M-PESA
2. Select Loans and Savings
3. Select M-Shwari
4. Select Lock Savings Account
5. Then select Open Account to join

The M-Shwari Lock Savings account will help you not only save for a rainy day, but also earn you interest on your savings.

Rock your dreams today by opening the Lock Savings Account.

KCB M-PESA

This is a mobile based account offered exclusively to M-PESA customers enabling you to:

• Access loans at attractive low interest rates of 1.16% per month with a one off negotiation fee of 2.5%. The cost for the one month loan is 3.66% with excise duty applicable on fees.
• Save for a fixed period of time (Fixed Deposit Account) or save a little at a time for a set period (Target Savings Account) and earn interest of up to 7% p.a.
• Transfer money in and out of the KCB M-PESA Account for FREE.

How to sign up

• Access through the M-PESA menu
• Select Loans and Savings
• Select KCB M-PESA and Activate.

Features

Loans

• Upon activating the account, you will be issued with a loan limit from where you can borrow instantly. Loans issued are deposited into the KCB M-PESA Account.
• You can access loan limits from as low as Kes. 50 and up to Kes. 1M.
• Enjoy repayment periods of 30 days.
• Loan repayment can be made via M-PESA or from the KCB M-PESA account.

How does it work?

• Access the M-PESA menu.
• Select Loans and Savings.
• Select KCB M-PESA.
• Select Loan.
• Request Loan.
• Enter amount.
• Enter your M-PESA PIN
• Loan amount will be sent to your KCB M-PESA Account less the interest, negotiation fee and excise duty which is deducted upfront.
• To access, the loan, go to KCB M-PESA menu and select Withdraw to M-PESA.

Savings

There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They include;

• Fixed Savings Account
• Target Savings Account

Fixed Savings Account

This account allows you to lock a specific amount of cash for a period of up to 12 months.

How does it work?

• Access M-PESA menu.
• Select Loans and Savings, KCB M-PESA
• Select Fixed Savings Account
• Select Fixed deposit.
• Open Account
• Select source of funds;
• M-PESA
• KCB M-PESA
• Enter amount (amount needs to be more than Kes 500)
• Enter period (1, 3, 6 or 12 months)
• Enter M-PESA PIN and confirm transaction
• You will receive an M-PESA confirmation.

Benefits

• Locked periods include 1, 3, 6, and 12 months with minimum amount of Kshs.500.
• Upon early or premature redemption, you will forfeit all interest accrued.
• You get cash back immediately to KCB M-PESA account on prompting cash back.
• Earn attractive Interest rates of 7% p.a on your savings.

Target Savings Account

This account allows you to set a target and make deposits towards achieving that target.

How does it work?

• Access M-PESA menu.
• Select Loans and Savings, KCB M-PESA
• Select Target Savings.
• Open Account
• Open Account
• Select source of funds;
• M-PESA
• KCB M-PESA
• Enter amount (amount needs to be more than Kes 500)
• Enter period (1, 3, 6 or 12 months)
• Enter M-PESA PIN and confirm transaction
• You will receive an M-PESA confirmation.

Benefits

• You top up continuously until you achieve your target.
• You can deposit money into the target account through:
• M-PESA
• KCB M-PESA
• Standing orders from KCB M-PESA
• You can choose from target periods of 1, 3, 6 and 12 months with minimum contribution of Kshs.50.
• You earn interest on cumulative interest.
• You are allowed up to 4 withdrawals within target lock period to maintain interest.
• You get cash back immediately to your KCB M-PESA account on prompting cash back.
• Minimum target period is 1 month.
• Enjoy attractive Interest rates of 7% p.a on your savings.