General, Mobile Money, Tutorials

Saving money on M-Shwari lock savings account (Using the updated M-PESA menu)

What is M-Shwari?

M-Shwari is part of the mobile banking service provided by Safaricom in liaison with CBK(Central Bank of Africa) to  give M-PESA users a more stable mobile banking experience.  By now, I am sure that most Kenyans are familiar with what they can do with M-Shwari. Let us go
straight to M-Shwari lock savings account.
What you require to set up an M-Shwari lock savings
  • An active M-PESA account.
  • An active M-Shwari account.
Steps to setting up an M-Shwari Lock Savings Account.
With the new updated M-PESA menu, setting up an M-Shwari lock savings account is now easier.
Go to the
Sim Tool Kit on your phone and choose the M-PESA option. This will open the
M-PESA menu.
On the
M-PESA menu, go to Loans and Savings. Choose the M-Shwari option to open the
M-Shwari menu.
Choose the Lock Savings Account option from the menu.
Choose the Open Account Option.
In this
Step, you will choose the place where you want to transfer your savings from. There are two options; “From M-PESA” and “From M-Shwari. Choose the one you prefer.
You will be asked to enter your target ammount. (The minimum target is Ksh. 100)
Enter the number of months you would like save the money.
(Set a period between 1 to 6 months)
Enter the amount of money you would like to deposit to your M-Shwari savings account as your initial deposit.
If you do not want to deposit any money money at the moment, just enter 0.
Enter your M-PESA pin.
A message will appear indicating the ammount you would like to save, the period and the initial deposit to your account. If this summary contains the correct details, press Ok.
You will receive a message rom MPESA to inform you whether you have successfully opened an M-Shwari lock savings account.
Well done! You have successfully set up an M-Shwari
lock savings account.
Alternative method
Here is an alternative way to open an M-Shwari lock savings account.
Dial *234#.
This will open a menu with four options.
Enter number 1 to choose M-PESA Products and press send.
In the next menu, option 1 for M-Shwari then send.
Go ahead and choose option 1 for Lock Savings Account and press send.
From there, you will be able to set up your M-Shwari lock savings account. The Steps
are similar to the ones above where you use the M-PESA menu to set up the savings account.
Advantages of M-Shwari lock savings account
  1. You can set up an M-Shwari lock savings account free without depositing any money.
  2. You can deposit as little as Ksh. 1.
  3. There is no transaction fee charged to transfer money to and from your M-Shwari account to your M-Shwari lock savings account.
  4. You can withdraw money from your M-Shwari lock savings account before attaining your target amount or time limit.
  1. It will take 2 days for your money to be processed and deposited in your M-Shwari account.
  2. Your money does not get lost even if you don’t hit your target in the time you
  3. You can withdraw your money once you achieve your target even before the time limit has elapsed.
If you have any questions or comments, feel free to to write them in the comment section below. 🙂

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  1. can you deposit more than your target.

  2. Exactly my question. Can i deposit more money than my target?

  3. Yes, you can deposit more money than your target.

  4. How do i check my mlock balance?

  5. How do i check my mlock balance?

  6. Is it possible to be granted a loan after hitting the target?

    1. Hello Christine,it is possible to be granted a loan,although i believe that getting a loan falls under Mshwari loans not under the mlock account.

  7. If my target was 5000 I manage to reached and have exceeded their is any problem

    1. Hi Dominic,

      There's no problem if your exceed your target amount. It will still be kept in your lock savings account until the maturity date.

  8. Naweza deposit.pesa ngapi mwisho.naje hii pesa huzaa

    1. Hi Argentina,

      Lock savings unaeza deposit any amount you want.
      Interest ni 7% per annum.

  9. How do I cancel my withdrawal request from my lock account?

    1. Hi,
      I don't think it is possible to cancel a withdrawal from your lock savings account. However, once the withdrawal has been processed, you can simply send it back to your lock savings account. 🙂

  10. MARK says:


    1. Hi Mark,
      Mshwari lock savings account only allows you to save for a maximum of 6 months. With that in mind, savings of Ksh. 100,000 will accumulate an interest of : – Ksh. 583 after 1 month
      – Ksh. 3498 after 6 months

  11. 1. If I had set my target as 30000, can I change my target to 50000.
    2. Is the interest on target or on money deposited in the mlock account. I had a target of 30000 but my deposit as at today is 50000. Which amount will the interest be based on?

    1. Hi there!

      Thank you for stopping by.

      In response to your questions:
      1. You can't change your target amount for your lock savings account.
      2. I'm not sure how interest works in this case. I think the best option is to ask customer care. ☺ (You can also wait and see how much interest they'll give you.)

  12. Kelvin says:

    If your period of (2months) has matured can you withdraw your money even if you've not reached your target?

  13. Can i change my duration date from 3months to 1 month

  14. Can I change my duration date of saving

  15. If the six months period is elapsed and i don't want to withdraw the moneydo I need to set another six months to continue saving

  16. If the six months period elaps and I don't want to withdraw the money,do i need to add another six months or I just continue saving

  17. Anonymous says:

    How much do I earn if I send ksh.10,000 to mshwari in a month?

  18. If I withdraw before expiry date will I get any interest

  19. after the target matures,do u get both the interest plus deposit or???

  20. Once you have withdrawn the money can you set a new target.

  21. I have opened m shwari lock saving account bt how can I transfer money from m shwari account to m shwari lock saving accout?

  22. I have opened m shwari lock saving account bt how can I transfer money from m shwari account to m shwari lock saving account?

  23. If i have deposit 600 on my lock and saving account how much can i archive in a month

  24. Hello,mshwari lock saving accout allows savings for up to six months,how about if i want to start a 52weeks savings challange?

    1. Winnie G says:

      The savings period was increased to 12 months to accommodate the 52 weeks saving challenge. You can read about it here:

  25. I've withdrawn my savings but haven't received it yet and can't see the balance anywhere either what could be the problem

  26. What's the interest for 120000 in 1month

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