Which Is The Best For Savings? Mshwari Or KCB Mpesa?

There are certain scenarios in life whereby we are faced with dilemmas or challenges requiring us to make choices between items of almost similar attributes.

This can prove to be a daunting task to some, but to those with the advantage of possessing in-depth knowledge of the said items, making the right decision could be as simple as weighing the pros and cons of each.

Similarly, there have been many inquiries regarding which is the best mobile savings platform between Mshwari and KCB Mpesa.

Below, we look at some of the comparisons between the two.

LOAN FEATURE M-Shwari KCB M-Pesa
Min. loan limit Ksh2,000 Ksh50
Max. loan limit Ksh50,000 Ksh1M
Interest rate 7.5% 7.5%
Repayment duration 30 days 30 days
SAVINGS FEATURE    
Interest rate Deposit Account Fixed Savings Account
  Ksh1- Ksh20K (3%P.A) All amounts attract 6.3% P.A
  Ksh20K – Ksh50K (4%P.A) All amounts attract 6.3% P.A
  Ksh50K and above (5%P.A) All amounts attract 6.3% P.A
Amount Should be more than Ksh1 Should be more than Ksh500
Period N/A 1 – 12 months
Early withdrawal Available Available. However, you will lose all the interest earned.
Interest rate Lock savings Account Target Savings Account
  Ksh1 – Ksh20K (3% P.A) All amounts attract 6.3% P.A
  Ksh20K – Ksh50K (5% P.A) All amounts attract 6.3% P.A
  Ksh50K and above (7% P.A) All amounts attract 6.3% P.A
Amount Should be more than Ksh1 Initial deposit amount of not less than Ksh50 while target amount should be more than Ksh1K
Period 1 – 6 months 1 – 12 months
Early withdrawal Available either as partial/full withdrawal. Funds will be availed after 48 hours Available only as full withdrawal. Total interest is earned upto date of withdrawal. Funds are available immediately to KCB M-Pesa account


Categories: Loan Apps, savings

1 reply

  1. I need 500

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