The new year is on the horizon, and so is a new beginning of the M-Shwari 52 week challenge. If you set a particular savings goal amount at the beginning of the year, then this is a grand ending of the year for you, as you will be able to access your savings. Like other savings accounts, the M-Shwari savings account aims to cultivate a saving culture through the M-Shwari service.
The aim of the challenge is to reach the achievable amount of Ksh. 68,900 by spreading it throughout the year. This makes it easier for the user as the saving amount increases gradually.
How it works
In the first week of the year, deposit your savings on M-Shwari starting with Ksh. 50, then gradually increase the amount to Ksh. 100 the next week, Ksh. 150 the week after that and so on. Continue with this until the last week of December where you will save Ksh. 2,600. By this time, your savings will add up to Ksh. 68,900.
M-Shwari ensures the saved amount is safe and easy to deposit. The weekly savings also lead to your loan limit increasing and all deposits on M-Shwari will earn interest of 6% p.a.
How to set up M-Shwari Lock savings account for the 52 week savings challenge
- Go to the M-PESA menu on MySafaricom App or from your sim tool kit
- Select Loans and Savings
- Select M-Shwari
- Select Lock Savings Account
- Select Open Lock Account
- Set your target at min Ksh. 68,900 or more
- Set period at 12 months (The enhancement has been done from 6-12months).
- Set your account to save from M PESA or M-Shwari.
- Every week, all you have to do is go to the M-Shwari Lock Savings Account menu, and deposit the amount that is set for the week, as per the saving calendar.
How to check your M-Shwari saved amount
- Go to the M-PESA menu and select Loans and Savings.
- Select M-Shwari
- Select Check Balance
- Enter M-PESA PIN
- Confirm the message displayed