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M-Shwari is a revolutionary banking product created in partnership with M-Pesa and NCBA, which allows you to save and borrow money through your phone while earning you interest on money saved. You can open and operate an M-Shwari bank account through your mobile phone via M-Pesa, without having to visit a bank or fill out any forms. To view COVID-19 M-Shwari Portfolio Process Changes click here

What is M-Shwari?

M-Shwari, coined from a Swahili word that means smoothen or make something better or good, is a revolutionary product set to change the lives of millions of Kenyans. M-Shwari is brought to you by NCBA and Safaricom. The “M” signifies mobile-centric as this product is operated entirely from your mobile phone. It will not be accessible through any NCBA branch but your handset. All you need is your handset and to be registered on M-Pesa! There are no forms or additional documents required for you to sign up to M-Shwari.

M-Shwari is a suite of banking products that are offered to M-PESA customers via their handset to enhance the M-PESA value proposition. With M-Shwari, one has access to Deposit and Loan products that are convenient, reliable and cost-effective for making micro-savings and taking micro-loans.

Why M-Shwari?

With M-Shwari, one stands to enjoy several benefits which include the following:

  • The convenience of mobile banking i.e. you can transact from the comfort of your location
  • Paperless (mobile-centric), safe and fast service.
  • No minimum balance
  • No ledger fees
  • No transactional charges while moving money between M-Shwari and M-Pesa
  • Competitive interest rates
  • Access to credit facilities

How M-Shwari works

    Deposit Product

The M-Shwari Deposit Account is a micro-savings product that allows you to securely store your money for a specific purpose or for an unexpected event in your life. Enjoy the following features when you save with M-Shwari:

  • No minimum balance
  • No charges levied on the account
  • No charges for moving money from M-PESA to M-Shwari account and vice versa
  • In line with the Banking (Amendment) Act 2016, all deposits on M-Shwari will earn an interest of 7.35% p.a being 70% of CBR.
    Loan Product

The M-Shwari Loan Account is a micro-credit product that allows you to borrow money in times of need or to complement your savings towards an investment or enterprise. A one-time fee of 7.5% is levied for each loan. Borrow with M-Shwari and start to build your credit history today. In order to qualify for a loan, all you need is to be an M-PESA subscriber for 6 months, save on M-Shwari and actively use other Safaricom services such as voice, data and M-PESA. To enquire how much you can borrow, go to M-Shwari, Loan, check Loan Limit.

    Lock Savings Account

Save for a defined purpose and for a specified amount of time with the Lock Savings account. The funds saved in the account will be kept in the account until the maturity date which is determined by the customer and ranges between one and six months. Customers can make micro-deposits into this.

This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time. The funds saved on the M-Shwari Lock Savings account will be kept in the account until the maturity date; this maturity date is determined by the customer upon opening the account and ranges between one and six months. Customers can make micro-deposits into this.
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.

One must be an M-Shwari customer in order to access this service. To join M-Shwari, Go to your M-PESA menu, select “My account” and “Update menu” then go to your M-PESA menu, select Loans and Savings, MShwari, click on activate account and accept terms and conditions.

No minimum savings.
There are no charges levied on the M-Shwari Lock Savings account.
The interest rate is constant during the investment period and is calculated and paid out monthly or at maturity.
The Lock period varies from one month to six months depending on the customer needs.

In line with the Banking (Amendment) Act 2016, all deposits on the M-Shwari Lock Savings Account will earn an interest of 7% PA being 70% of CBR.

The lock savings account can be accessed by going to M-PESA >>Loans and Savings >>M-Shwari>> Lock and selecting, “Lock Savings Account”. The menu is as displayed below when accessed the first time.

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. Next time you save, go to the Lock Savings option under M-Shwari, select to Save from either M-Shwari or M-PESA, Enter Amount and then your M-PESA PIN to complete your transaction.

Upon maturity, a notification will be sent to you via SMS from M-Shwari informing you of the amount saved and the interest earned.

Yes. However, a customer will receive the requested money after 48hours. A customer has the option to withdraw the entire amount – Break Lock or make a partial withdrawal of the funds- Partial Break

All relief measures that were implemented in March 2020 will remain as-is until further notice. However, if your loan remains unpaid for more than 30days from the date it was borrowed an additional facility fee will be applied.  Among the reliefs we have extended include:

  • If your loan is repaid after 60 days, you will be allowed to borrow a loan immediately after repayment.
  • We will not list any customer on CRB until further notice.
  • We will reduce your limit when your loan is still outstanding after 90 days (2 months).
  • We will cancel your limit to 0 if your loan is still outstanding after 120 days (4 months).

These changes will remain effective until further notice

No, your loan due date will remain as communicated, which is 30 days from when you request for a loan.

With effect from 30th July 2020, the rollover fee will be charged once the loan goes beyond 30 days from the day you borrowed. A reminder of when the fee will be charged will be communicated on day 28 and 29 of the loan being outstanding.

No, if your loan is already beyond day 30, you will get the usual loan reminder messages until loan repayment. However, if your loan is still outstanding on day 59 a roll over fee will be applied the following day (Day 60).

No, this has been halted until further notice.

Customers will be provided ample notice prior to listing if the loan remains unpaid to an extended period.