How To Open An M-Shwari Lock Savings Account

This is a guide on how to open an M-Shwari lock savings account. This is an account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time. Funds saved on an M-Shwari lock savings account will be safely kept in the account until the maturity date which is determined by the customer. The maturity date ranges between 1-6 months.

You must be an M-Shwari customer to access this service. The minimum target amount needed to open a lock savings account is Kshs 500, with no maximum target amount. You can save as many times as possible. However, M-Pesa daily limits apply.

M-Shwari lock interest is earned daily but paid out on the maturity date that is selected by the customer. The minimum deposit amount that one needs to have in their lock savings to earn lock saving interest is Kshs. 1000.

Interest Payable On M-Shwari Lock Savings

Customer Savings Amount                 Interest Rate

Kshs 1- 20,000                                      3% P.A

Kshs 20,001- 50,000                           5% P.A

Kshs 50,001 and above                       6% P.A

How To Open A Lock Savings Account

  • Go to M-Pesa menu.
  • Select Loans and Savings.
  • Select M-Shwari.
  • Select Lock Savings Account
  • Go to Open Account, then select either from M-Pesa or M-Shwari.
  • Proceed to set the Target Amount and period. Then make the first deposit either from M-Pesa or M-Shwari, to activate the Lock Savings Account.
  • You will receive a notification message via SMS.
  • You can use the same process on MySafaricom App.

Withdrawal Of Funds From Lock Savings Account

Customers will be able to withdraw funds after the maturity date. A notification will be sent to you via SMS informing you of the amount saved and the interest earned upon maturity. Customers who wish to withdraw funds before the maturity date can do so but will reeive the requested amount after 48 hours.

Withdrawal of funds before the maturity date will result in M-Shwari interest rates rather than the lock savings interest rates.

Zack Abuyeka

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