Mshwari Interest Rates, Loan limit, Terms and Conditions

What is Mshwari?

Before we look at Mshwari Interest Rates, Mshwari Loan limit, and Mshwari Terms and Conditions, let’s look at what is M-Shwari.

It is a paperless banking service offered through M-PESA (Safaricom mobile money transfer service). You can open M-Shwari bank account through your mobile phone. For you to do this you need an active M-PESA account. This service can be accessed without having to visit any bank to fill out bank account opening forms.

With Mshwari, you can move money in and out of your M-Shwari savings account to your M-PESA account at no charge. You can save as little as Ksh 1. One can also earn interest on their savings balance.

This service shall enable you to access micro credit product (loan) of a minimum of Ksh.100 anytime and receive your loan instantly on your M-PESA account.

Important mshwari terms and conditions

  1. You cannot move money from your M-Shwari account directly into another person’s M-Shwari account. However, you can transfer money from your M-PESA into their M-PESA account.
  2. You cannot access your Mshwari account through CBA Bank. Your account is only accessible through your mobile phone via the M-PESA menu on your Safaricom line.
  3. M-PESA limits apply to maximum money you can transfer from Mpesa to Mshwari and vice versa.
  4. You can transfer money from your M-Shwari account into M-PESA however Inter account bank transfers is not possible on the M-Shwari service.
  5. currently the transactions done on M-Shwari service will not earn Bonga points
  6. Click here for detailed mshwari terms and conditions
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How to open mshwari account

The following are the conditions on how to open an mshwari account if you don’t have an active Mpesa account.

  • A registered Safaricom Subscriber
  • A registered Safaricom M-PESA customer
  • Have an active Safaricom M-PESA account/line
  • ID, Kenyan Passport, or Alien ID

How to open Mshwari account for new Mpesa customer

Go to your phone perform the following steps.

  1. Go to Safaricom menu on your phone and select “ M-PESA”
  2. Select “Activate or Wezesha”
  3. The new M-PESA menu with M- Shwari menu will be sent to your line.
  4. Select the M-Shwari link.
  5. Thereafter a message will appear requesting you to read and accepted the Terms & Conditions accept
  6. After accepting the terms; an SMS will be sent informing you that you are now activated on the M-Shwari service.

How to check M-Shwari account balance

Just like Mpesa, the account balance is always shown at the of the SMS after every transaction.

  1. Go to Safaricom M-PESA menu then select M-Shwari
  2. Select show balance
  3. Enter PIN Number
  4. Wait for SMS confirmation with the message
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How to save or Deposit to M-Shwari Account

  1. Go to ‘M-PESA’ menu and select loans and savings
  2. Select M-Shwari
  3. Then select send to M-Shwari
  4. Enter the amount you want to deposit
  5. Enter your PIN Number
  6. The confirm the message “send to Mshwari ****”
  7. Then you will get a message confirming the transaction showing you new balance.

How to withdraw money from M-Shwari account

  1. Go to ‘M-PESA’ menu and select loans and savings
  2. Select M-Shwari
  3. Then select withdraw from M-Shwari
  4. Enter the amount you want to withdraw
  5. Enter your PIN Number
  6. The confirm the message “withdraw from Mshwari ****”
  7. Then you will get a messege confirming the transaction showing you new balance.

M-Shwari Charges

There are no charges for this service. Cash Deposit and withdrawals are free. However, to check balance you will be charged Ksh. 1 The loan duration is usually 30 days.

Mshwari interest rates for loans

The mshwari interest rates for loans are charged at 7.5%

Mshwari interest rates on savings

mshwari interest rates on savings are as follows for both Mshwari and Mshwari Lock account. mshwari interest rates

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Customer Savings Amount  MSHWARI INTEREST RATES


KSHS 1-999 2% 2% P.A
KSHS 1000-10,000 2% P.A 3% P.A
KSHS 10,001-20,000 3% P.A 4% P.A
KSHS 20,001-50,000 4% P.A 5% P.A
>KSHS 50,001 5% P.A 6% P.A

mshwari loan qualification

In order to qualify for mshwari loan, you will have to be an active M-PESA user for at least 6 months, save regularly on M-Shwari account and continuously use other Safaricom services such as Voice, DATA, and M-PESA. This is the only mshwari loan qualification.

 To check your mshwari loan qualification status. Dial *234*6# you will get a notification asking you if you have read and accepted the terms and conditions. This will also give you information on whether you are eligible for a loan and the loan amount limit that will be awarded to you.

Mshwari loan limit

mshwari loan limit depends on your account standing. Therefore to know your mshwari loan limit, go to M-PESA, select M-Shwari, select Loan and then Check Loan Limit.

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