M-Shwari is a paperless banking service offered through M-PESA. It will:
Enable you open and operate an M-Shwari bank account through your mobile phone, via M-PESA, without having to visit banks or fill out any forms.
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.
Enable you to access micro credit product (loan) of a minimum of KSHs.100 any time and receive your loan instantly on your M-PESA account charged at a facility fee of 7.5%
Save for a fixed period of time (Lock Savings Account) and earn interest of up to 70% of the Central bank Rate.
This is a product for everyone who feels that banking should be hassle-free. No forms to fill in, no branches to visit. Just one click on your phone and you have a savings account!
kaoutarchennoufi on 13 Feb 21M-pesa has also a paperless banking service option named M-Shwari. This is avery useful and time saving solution. The majority of people don't appreciate to go to the banks and have to wait for many hours for a simple service.