What is M-Shwari facility fee?

What is M-Shwari facility fee?

In consideration of the Bank granting you the Loan, you shall pay the Bank a facility fee being 7.5% of the Loan amount (the “Facility Fee”). The Facility Fee shall be paid by you in arrears in addition to the Loan.

Does M-Shwari earn interest?

M-Shwari lock interest is earned daily and paid out monthly. Upon maturity, a notification will be sent to the you via SMS informing you of the amount saved and the interest earned.

What is the interest rate for M-Shwari loan?

The M-Shwari loan DOES NOT attract any interest. The 7.5% charged is a loan facilitation fee payable only once for each loan taken….M-Shwari FAQs – Safaricom.

Saving amounts with credit Interest Structure KES 1- 10,000: 2%
KES 10,001 – -20,000: 3%
KES 20,001 – 50,000: 4%
KES > 50,001: 5%

What is the difference between KCB mpesa and M-Shwari?

M-Shwari and M-Pesa have same PIN number, KCB M-Pesa users change the PIN once they receive text message from operators after opening an account. 7. M-Shwari offers their customers one month to repay loan while on KCB-Mpesa, one chooses between 1 month, 2 months and 6 months.

What’s the interest rate on a mshwari loan?

Security, Interest and Time Limit. The M-Shwari loan require any SECURITY at all to apply, meaning that this makes it perfect for emergencies and small loans that you want to apply for. The interest rate of M-Shwari is 7.5%, meaning that if you borrow Ksh 1,000 you will be expected to pay Ksh 1,075 at the end of the month.

How much money can you save with M-Shwari?

M-Shwari funds are also insured up to about $1,200. Millions of people across Africa are now saving in mobile wallets, but with very few exceptions, they do not earn interest or have deposit insurance on these savings.

How does M-Shwari lock savings account work?

There are no monthly fees on the M-Shwari lock savings account which means that savings will not be used up by bank charges. The interest rate is constant during the investment period, and is calculated daily and paid out at maturity. The M-Shwari lock savings period varies from one month to 6 months depending on the customer needs.

How many M-Pesa accounts are in M-Shwari?

The uptake and usage of M-Shwari in the past two years has been remarkable. There are over 10 million M-Shwari accounts and CBA disburses 50,000 loans every day. One-third of all active M-PESA users are also active M-Shwari customers. 3. M-Shwari accounts can only be accessed via M-PESA.