M-Shwari Lock Savings account is a savings account that makes it possible for M-Shwari customers to save for a specific purpose for a pre-determined period of time. Initially, customers could only save for a maximum of 6 months. However, this period has been increased to 12 months after Safaricom introduced the Mshwari 52 week saving challenge this year(2019).
What Features Does M-Shwari Lock Savings Account Offer?
The following are the features present in M-Shwari Lock Savings account.
You can save money into your lock savings account any time and as many times as you want.
Simply go to M-Pesa >> Loans and Savings >> M-Shwari >> Lock Savings Account >> Save >> From Mpesa | From M-Shwari >> Enter Amount >> Enter Pin
M-shwari lock savings account allows you to withdraw from your savings account even before the maturity date. You can withdraw part of the money or all of it. However, this kind of transaction takes 48 hours to process. That means that if you withdraw the money on a Monday, you’ll receive it two days later on Wednesday.
To withdraw, go to M-Pesa >> Loans and Savings >> M-Shwari >> Lock Savings Account >> Withdraw >> Enter Amount >> Enter Pin
You can check your M-shwari lock savings account balance any time.
Go to M-Pesa >> Loans and Savings >> M-Shwari >> Lock Savings Account >> Check Balance >> Enter Pin
You can request a mini statement which contains 5 of your most recent transactions on your lock-savings account.
Go to M-Pesa >> Loans and Savings >> M-Shwari >> Lock Savings Account >> Mini Statement >> Enter Pin
Money saved in an M-Shwari Lock savings account accumulates an interest of 6% per annum.
You can save money in your lock savings account for any period you want, between 1 and 12 months.
Feel free to ask a question or leave a comment below.