This is a step by step guide on how to set up the Mshwari 52 week savings challenge. This is a Safaricom saving program that aims at cultivating a saving culture among Kenyans through the easy to use Mshwari service.
The aim of the challenge is to reach an achievable amount of Kshs 68,900 by spreading it throughout the year. On week one, you save a minimum of 50 shillings, on week two you save a minimum of 100, the next week 150 and so on until week 52 where you save Kshs 2,600. If you follow the challenge successfully, your savings will add up to Kshs 68,900.
A customer can join the challenge at any time throughout the year when they are ready, provided they set the target minimum of Kshs 68,900 and set the period as the number of months required to complete the challenge.
Mshwari ensures the saved amount is safe and easy to deposit. The weekly savings also lead to your Mshwari loan limit increasing. All deposits on Mshwari will earn interest of 6% per annum.
How To Set Up The 52 Week Savings Challenge
1. Go to Mpesa on your sim tool kit or MySafaricom App.
2. Select Loans and Savings.
3. Select Mshwari.
4. Select Lock Savings Account.
5. Select Open Lock Account.
6. Set your target at minimum Kshs 68,900 or more.
7. Set period at 12 months. (The enhancement has been done from 6-12 months).
8. Set your account to save from Mpesa or Mshwari.
9. Every week you have to go to the Mshwari Lock Savings Account menu and deposit the amount that is set for the week, as per the challenge savings calendar.
How To Check Your Saved Amount
1. Go to Mpesa menu and select Loans and Savings.
2. Select Mshwari.
3. Select Check Balance.
4. Enter Mpesa PIN.
5. Confirm the message displayed.
Check out: How To Pay Your Mshwari Loan