Quick Answer: How Do I Increase My MShwari Limit?

What happens if you delay paying MShwari?

If you have not paid your loan within 30 days, what will happen.

Your loan repayment period will be extended for an additional 30 days and you will be charged an additional 7.5% facilitation fee on your outstanding loan balance..

Can you pay MShwari loan for another number?

Yes you can pay an M-Shwari loan for another number. … If you need to repay an M-Shwari loan for another number you can do so by sending the money to the other party via their M-Pesa account. To do so simply: Go to your M-Pesa menu and select the ‘Send Money’ option.

Can you Fuliza with Mshwari?

While an M-Shwari loan comes as credit in a customer’s account, allowing the borrower to withdraw the money or transfer it out, Fuliza is an overdraft service that allows customers to complete M-Pesa transactions when they have insufficient funds.

How does Mshwari lock savings account operate?

A Lock Saving Account acts as a deterrent from spending the money you have saved. Though M-Shwari allows you to withdraw money from your Lock Account before the lock period is over at no cost, you need to make an application and then wait for 48 hours before your money is credited to the M-Shwari account.

Can you pay Mshwari loan using Fuliza?

This now means that everyone who has been using M-Shwari to get loans of less than the new limit will be forced to seek other means, or to use Fuliza, another loan (overdraft) product by Safaricom. … You can only access it when sending money or using Lipa Na M-Pesa and your balance is short.

How do I clear my CRB?

To get a CRB clearance:Contact any of the CRB companies listed below.They will provide you with an online form to Fill.You will then have to pay Ksh. 2,200.Wait for your information to be processed.You will receive your clearance if you do not have any loan default.

Is OKOA stima still available?

Note, that the Safaricom Okoa Stima service is available only for pre-paid meters clients and the borrowed amount has to be paid within 7 days. Okoa Stima loan is also enabled by Safaricom at a 10% fee via m-Pesa. … And don’t forget that meters without registration are not able to use Kopa Stima KPLC procedure.

What is Mshwari facility fee?

7.5%In consideration of the Bank granting you the Loan, you shall pay the Bank a facility fee being 7.5% of the Loan amount (the “Facility Fee”).

How do you calculate the interest rate?

Simple Interest Formulas and Calculations:Calculate Total Amount Accrued (Principal + Interest), solve for A. A = P(1 + rt)Calculate Principal Amount, solve for P. P = A / (1 + rt)Calculate rate of interest in decimal, solve for r. r = (1/t)(A/P – 1)Calculate rate of interest in percent. … Calculate time, solve for t.

How do I increase my MShwari loan limit?

HOW TO GROW M-SHWARI LOAN LIMITIncrease activity on your Mshwari Account by moving money in and out of your account.Increase savings on your MShwari Account.Increase usage of M-PESA services.

How much can you save on M shwari?

Provide you the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge. Give you an opportunity to save as little as KSHs. 1 and earn interest of up to 6.65% p.a on your saving balance. This cash is moved into the savings account via M-PESA.

Which bank owns Mshwari?

CBAM-Shwari is a bank account issued by CBA and subject to all the regulatory requirements of a bank account in Kenya.

What is the maximum amount that mpesa can hold?

After you have registered for the Mpesa service, you can deposit a maximum of Ksh. 100,000 that is the maximum your Mpesa account can hold. Safaricom has also set out a daily transaction limit of Ksh. 140,000, and a limit of Ksh 70,000 per transaction.

Does Mshwari lock savings account earn interest?

Safaricom does not levy charges on the M-Shwari lock savings account. The savings account earns an interest of up to 7% per annum if the money is retained in the account until maturity. The interest is earned daily but is paid out monthly into the lock savings account.

What is Mshwari lock savings account?

This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time. … The M-Shwari lock Savings Account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.