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Amazing! M-Shwari Your Best Lending Partner.

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Amazing! M-Shwari Your Best Lending Partner. Photo Courtesy
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Amazing! M-Shwari Your Best Lending Partner.

Derived from a Swahili word meaning cool or to make something better or worthy, M-Shwari has been Kenya’s number one mobile lending and saving solution service provider to over 35 million Kenyans.

For over 8 years, it has transformed people’s lives by offering a paperless banking service through the M-PESA platform.

Amazing! M-Shwari Your Best Lending Partner. Photo Courtesy

Who owns Mshwari?

M-Shwari is a revolutionary banking product created in partnership with M-Pesa and the Commercial Bank of Africa (NCBA). However, it is solely owned by NCBA.

Reprieve for Kenyans during COVID-19 pandemic?

In 2020 during COVID 19 period, 4.5 million customers took loans via the platform. This is after M-Shwari undertook changes on loans to cushion customers from the impact of the deadly virus.

For instance, there was an extension to the additional facility fee where one was charged if your loan is not paid within 30 days from the date you borrowed to 60 days. Customers also had a reason to smile as no one was listed on CRB.

Customers were also allowed to borrow a loan immediately after repayment if the loan was repaid after 60 days.

Mshwari as an empowerment tool.

Amazing! M-Shwari Your Best Lending Partner. Photo Courtesy

M-shwari has been empowering customers with affordable and accessible credit as well as saving solutions that enable customers to achieve their goals.

Such has been the case for Lilian Kiende, a mother of one and a farmer. Lillian says Mshwari has proved efficient and reliable services.  “M-Shwari is good as you will not waste time walking to the banks. When you want to withdraw your money, it is also instant. It has no barriers.” She observes.

M-Shwari aims to deepen and diversify the consumption and income benefits of M-Pesa by providing clients with a facility to save as well as offering credit beyond a user’s networks of family and friends.

Mobile money service has dramatically improved the convenience, reliability, and flexibility of basic financial services. M-Shwari has continued this trend by providing a tool to manage daily cash flows, therefore, empowering Kenyans financially and deepening financial inclusion in Kenya.

Contribution to the economy.

Mobile and digital lenders have taken advantage of Kenya’s huge population of smartphone users. They have helped fill the gap where many people could not access financial support because they lacked collateral. By giving credit to more people, has had a multiplier effect on businesses, health emergencies, and critical interventions in the lives of many people.

Lock-saving?

Amazing! M-Shwari Your Best Lending Partner. Photo Courtesy

In line with the Banking (Amendment) Act 2016, all deposits on the M-Shwari Lock Savings Account earn an interest of up to 6% annual interest on savings pegged on the amount and period locked.

This means the funds saved on the M-Shwari Lock Savings account will be kept in the account until the maturity date.  This maturity date is determined by the customer upon opening the account and ranges between one and six months.

Advantages of lock savings.

There are no minimum savings, 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. In addition, the Lock period varies from one month to six months depending on the customer’s needs.

M-Shwari seeks to inspire customers to go beyond the current situation and work towards achieving their goals and has continued to support customers through various activities such as loan restructures, rebates, and lucrative interest rates to enable customers to secure their futures.

#PamojaNaMshwari

Felicity Gitonga
Felicity Gitonga is the founder of Africa Business News. abn, freelance writer, journalist, and author with a passion for telling stories.

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