The M-Shwari 52 week saving challenge is an initiative by Safaricom aimed at encouraging Kenyans to get into a habit of saving. The aim of the challenge is to save Ksh. 68,900 throughout the year. The plan is to start by saving Ksh. 50 in the first week, Ksh. 100 in the second week, Ksh. 150 in the third week and so on up to the 52nd week. This brings the total savings to Ksh. 68,900.
To facilitate this challenge, Safaricom has increased the lock savings account saving period from 6 months to 1 year. You can download the savings schedule from Safaricom.
Saving is not a new phenomenon in the country. A lot of Kenyans save money for a rainy or for a future project. To make saving easier, many initiatives have come up to allow Kenyans to support each other while saving. This is evident from the many social media groups encouraging people to save.
One such group is the 52 week savings challenge Facebook group founded by Felista Wangari. With over 380,000 members, this group is one of the largest online community of people in Kenya supporting each other to save. Now that Safaricom has increased the savings period for M-Shwari lock savings account, it will now be easier to fully commit to the 52 week savings challenge.
What do you think about the #52weeksavingchallenge?
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