mshwari loan app

MShwari is a mobile loan service formed through a partnership between Commercial Bank of Africa ( CBA ) and Safaricom’s mobile money service MPesa.

It is accessible from the SIM toolkit, as well as from the MySafaricom app.

REQUIREMENTS

In order to qualify for a loan you will have to be an active M-PESA user for at least 6 months, save regularly on M-Shwari account and continuously use other Safaricom services such as Voice, DATA and M-PESA.

REGISTRATION PROCESS

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

LOAN AMOUNTS

You can access loan limits from as low as KShs. 100 and up to KShs. 50,000.

FEE RATE

The loan attracts a fee rate of 7.5%

REPAYMENT DURATION

The loan is payable within 30 days. However, you can repay the loan before the due date and borrow again. If you pay the loan in less than 30 days your loan limit qualification will increase.

REPAYMENT PROCEDURE

Method 1 ( via SIM toolkit )

  • Access the M-PESA menu.
  • Select Loans and Savings.
  • Select MShwari.
  • Select Loan.
  • Select Pay Loan.
  • You can pay from M-PESA or from your MShwari Account.

Method 2 ( via mySafaricom app )

  • Open the mySafaricom app and access the M-PESA tab.

  • Select Loans and Savings.
  • Select MShwari.
  • Select Loan.
  • Select Pay Loan
  • You can pay from M-PESA or from your MShwari Account.

APP PERMISSIONS

For mySafaricom app users only.

This app has access to:

  • Device & app history- retrieve running apps
  • Identity- find accounts on the device and read your own contact card
  • Contacts- find accounts on the device and read your contacts
  • Location- approximate location (network-based) and precise location (GPS and network-based)
  • Phone- read call log and read phone status and identity
  • Photos/Media/Files- read the contents of your USB storage and modify or delete the contents of your USB storage
  • Storage- read the contents of your USB storage and modify or delete the contents of your USB storage
  • Camera- take pictures and videos
  • Wi-Fi connection information- view Wi-Fi connections
  • Device ID & call information- read phone status and identity

Other

  • update component usage statistics
  • read historical network usage
  • receive data from Internet
  • view network connections
  • full network access
  • control Near Field Communication
  • read terms you added to the dictionary
  • run at startup
  • control vibration
  • prevent device from sleeping
  • add words to user-defined dictionary
  • install shortcuts
  • uninstall shortcuts
  • read Google service configuration

HOW TO GROW 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.

LATE REPAYMENTS

Your loan repayment period will be extended for an additional 30 days and you will be charged an additional 7.5% facilitation fee on your outstanding loan balance.

However, you will not be able to access any subsequent loans for a period of 30 days.

OVER PAYMENTS

The outstanding loan balance will be paid off and the extra amount will be moved to your M-Shwari savings account.

REPAYMENT DATE EXTENSION

Yes. However, it attracts a 7.5% penalty fee.

CONTACT DETAILS

Phone: Dial 234

Email: customercare@safaricom.co.ke

Facebook: http://www.facebook.com/SafaricomLtd

Twitter: https://twitter.com/Safaricom_Care