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

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

M-SHWARI LOAN 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.

M-SHWARI LOAN REGISTRATION PROCESS

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

M-SHWARI LOAN AMOUNT LIMITS

One can access M-shwari loan limits from as low as KSh100 and up to KSh50,000.

M-SHWARI LOAN INTEREST RATE

The M-Shwari loan attracts a fee rate of 9%

M-SHWARI LOAN REPAYMENT DURATION

The Mshwari loan is payable within 30 days. However, you can repay the Mshwari loan before the due date and borrow again.

REPAY M-SHWARI LOAN

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.

M-SHWARI LOAN 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 M-SHWARI 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.

M-SHWARI LOAN LATE REPAYMENTS

M-shwari loan repayment period will be extended for an additional 30 days and you will be charged an additional 9% facilitation fee on your outstanding loan balance.

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

M-SHWARI LOAN OVER PAYMENTS

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

M-SHWARI LOAN REPAYMENT DATE EXTENSION

Yes. However, it attracts a 9% penalty fee.

M-SHWARI LOAN CONTACTS

Tel: Dial 234

Email: customercare@safaricom.co.ke

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

Twitter: https://twitter.com/Safaricom_Care

Categories: Loan Apps - Kenya

Tags: Bank-based loan apps, kenya