The Lock period varies from one month to six months depending on the customer needs. 4) What interest will be payable on the M-Shwari Lock Savings Account? In line with the Banking (Amendment) Act 2016, all deposits on the M-Shwari Lock Savings Account will earn interest of 7% PA being 70% of CBR. M-Shwari lock savings account allows M-Pesa clients to set aside some funds for a specific purpose within a specified amount of time. This account is ideal for customers looking for high-interest rates and those that wish to keep their money safely for a period of between one to six months. Currently, the M-Shwari savings rate is set by the Banking Act, and is set at 7%, just like what banks offer in the market. M-Shwari however takes the savings concept further, with the idea of a Lock Savings Account. This works a little like a fixed deposit account,

Save for a fixed period of time (Lock Savings Account) and earn interest of up to 70% of the Central bank Rate. This is a product for everyone who feels that  The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months. 29 Dec 2019 M-Shwari has locked in 450000 customers with deposits of more than and is ideal for customers looking for higher interest rates and those  20 Jan 2020 M-Shwari lock savings account allows M-Pesa clients to set aside some funds for a specific purpose within a specified amount of time.

Currently, the M-Shwari savings rate is set by the Banking Act, and is set at 7%, just like what banks offer in the market. M-Shwari however takes the savings concept further, with the idea of a Lock Savings Account. This works a little like a fixed deposit account,

3 Mar 2017 Currently, the M-Shwari savings rate is set by the Banking Act, and is safety issue, money saved in a piggy bank does not earn any interest. 19 Oct 2017 Review of M-Shwari lock savings account. Safaricom, being the The savings will earn an interest rate better than most banks in the country. 2016 Okoa Jahazi (Men) M-Shwari - Loan, Lock (Women) Okoa Jahazi money (All respondents) How to calculate interest rates (All respondents) How to use a  24 Jul 2019 M-Shwari has competitive interest rates on savings, better than the The funds saved on the M–Shwari Lock Savings account will be kept in  20 Sep 2016 Mshwari is a 30 Day loan which does not charge any interest . Have a look at some of the competing products to Mshwari & the fees charged;  a Although interest rates paid on term/fixed/lock accounts are typically higher than on basic savings accounts, M-Shwari has decided to proceed otherwise. 2% .

There are no charges levied on the M-Shwari Lock Savings account. The interest rate is constant during the investment period, and is calculated and paid out monthly or at maturity. The Lock period varies from one month to 12 months depending on the customer needs. What interest will be payable on the M-Shwari Lock Savings Account?

Disclaimer: Whilst every effort has been made in building these calculators, we are not to be held liable for any special, incidental, indirect or consequential damages or monetary losses of any kind arising out of or in connection with the use of the tools and information derived from the web site.These tools are here purely as a service to you, for educational and informational purposes only. To access the Lock Savings Account feature, customers will need to dial *234*6# and follow the prompt. The revolutionary service will allow customers to save a minimum of KES 500 for a maximum of six months at interest rates of upto 6% p.a. Mshwari lock savings account only allows you to save for a maximum of 6 months. With that in mind, savings of Ksh. 100,000 will accumulate an interest of : – Ksh. 583 after 1 month – Ksh. 3498 after 6 months The amount saved in the M-Shwari account earns interest over a period of time. As Mshwari grew, so did the need for new innovative ways to retain customers and lure in new ones. So the two partners: Safaricom and the Central Bank of Africa introduced the MSHWARI lock savings account for Mshwari users. Mshwari lock as a savings account The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months. You must be an M-Shwari customer in order to access the M-Swari Lock Savings account. The service allows customers to save a minimum of Sh500 for six months at interest rates of up to six per cent per annum. The new feature banks on the strength of recurrent customer feedback which suggested the need for a facility to instill discipline in medium term savings towards a specific goal.

3 Oct 2016 A keen look into the interest rates around the world shows Kenya's base has a unique partnership with Safaricom's M-shwari platform.

The Lock period varies from one month to six months depending on the customer needs. 4) What interest will be payable on the M-Shwari Lock Savings Account? In line with the Banking (Amendment) Act 2016, all deposits on the M-Shwari Lock Savings Account will earn interest of 7% PA being 70% of CBR. M-Shwari lock savings account allows M-Pesa clients to set aside some funds for a specific purpose within a specified amount of time. This account is ideal for customers looking for high-interest rates and those that wish to keep their money safely for a period of between one to six months. Currently, the M-Shwari savings rate is set by the Banking Act, and is set at 7%, just like what banks offer in the market. M-Shwari however takes the savings concept further, with the idea of a Lock Savings Account. This works a little like a fixed deposit account, The money saved earns an annual interest of 6.65%. A user can move the money into their savings account through M-PESA. Save money for a fixed period through an M-Shwari lock account known as Lock Savings Account. Money saved in the account can earn an interest of up to 70% of the CBK rate. There are no charges levied on the M-Shwari Lock Savings account. The interest rate is constant during the investment period, and is calculated and paid out monthly or at maturity. The Lock period varies from one month to 12 months depending on the customer needs. What interest will be payable on the M-Shwari Lock Savings Account?

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.

3 Oct 2016 A keen look into the interest rates around the world shows Kenya's base has a unique partnership with Safaricom's M-shwari platform. Mshwari lock account interest rate can rise up to 70 percent of the prevailing Central bank Rate. The interest rate is computed and deposited out monthly/at maturity. To earn interest, you must have at shs. 1000 savings. The Lock period varies from one month to six months depending on the customer needs. 4) What interest will be payable on the M-Shwari Lock Savings Account? In line with the Banking (Amendment) Act 2016, all deposits on the M-Shwari Lock Savings Account will earn interest of 7% PA being 70% of CBR.

14 Apr 2018 Of course, how low these rates are is all relative, they are actually exorbitant when you look at them from an annual interest rate perspective. 3 Jan 2018 bank account (MBA) known as “M-Shwari”,8 that provides more be boost savings, even though the interest rate is low, and saving on  6 Dec 2017 CBA plans M-Shwari loan rate cut to fend off rivals as a credit facility for those locked out of the market for lack of collateral and credit history. a transaction charge of 7.5 per cent, which is a facility fee with zero interest rate. 28 Oct 2015 M-shwari users are yet to be hit with an increase in interest rates but its just a This will inadvertently lock out borrowers especially small  M-SHWARI LOCK. SAVINGS Launched on 27th November 2012, M-Shwari is a mobile-centric banking Males over 40 years old are saving at a higher rate.