Learn All About Mshwari Loan From This Article

Everything You Need To Know About Mshwari Loan

M-Shwari is a suite of banking products that are offered to M-PESA customers via their mobile devices. This service is created in partnership with M-Pesa and the NCBA . With M-Shwari, one can access convenient, reliable and cost-effective deposit and loan products for making small savings and taking micro loans.

Mshwari Loan
Mshwari Loan

What Can Be Done With Mshwari

  • With Mshwari Service you can open and operate an M-Shwari bank account through your mobile phone, through M-PESA, without having to visit any bank to fill out bank account opening forms.
  • It provides you the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge.
  • It gives you an opportunity to save as little as Ksh.1 and earn interest on your saving balance. This cash is moved into the savings account using your handset via the M-PESA Menu.
  • Enable you access micro credit product (loan) of a minimum of Ksh.100 anytime and receive your loan instantly on your M-PESA account. The loan does not require collateral and there is no minimum balance for your M-Shwari account.

Requirements To Get M-Shwari account

To get an M-Shwari account, you need to be:

  • A registered Safaricom Subscriber.
  • A registered Safaricom M-PESA customer.
  • Have an active Safaricom M-PESA account/line.
  • You need to hold any of the following identification documents; Kenya National Identification Document (ID); Kenyan Passport Document ; Alien ID (resident Permit) registered by the Government of Kenya.

M-Shwari Loan Account

The M-Shwari Loan Account is a microcredit product that allows you to borrow money when you need it, or to supplement your savings for investment or business.

How do you qualify for a Mshwari loan?

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.

How To Request Mshwari Loan

Follow the simple steps below to request M-shwari loan

  • From ‘M-Shwari’ menu, select ‘LOAN’
  • Select ‘Request Loan’
  • Enter Amount
  • Enter PIN
  • Confirm the message displayed for example “request loan Kshs 2000” then press OK.
  • An initial SMS message will be sent immediately on confirmation of request for loan.
  • A second SMS message is sent on successful or unsuccessful request.

How To pay for a Mshwari loan ?

  • From ‘M-Shwari’ menu, select ‘LOAN’
  • Select ‘Pay Loan’
  • Enter Amount
  • Enter PIN
  • Confirm the message displayed for example “pay loan Kshs 2000” then press OK.
  • A SMS message is sent on successful or unsuccessful request.
Learn More

Read Also