Five years after the launch of MPesa with over 19 million subscribers, Safaricom, in partnership with the Commercial Bank of Africa, has launched M-Shwari, a product which allows customers registered on M-Pesa to save and borrow money.
Through M-Shwari, customers will be able to borrow between Ksh100 and Ksh20,000 while at the same time saving money through the account. One will be charged 7.5% on the money they borrow as a one-off fee, while savings will attract between 2 and 5% per annum depending on the amount one has saved.
M-Shwari provides you the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge. No forms to fill in, no branches to visit. Just one click on your phone and you have a savings account!
Click here for more information about M-shwari and you can get the terms and conditions here too…