M-Shwari Lock Savings Account


Mshwari lock account is provided by Safaricom to encourage Kenyans to save. One can save between one and six months depending on the period they set.This product is only available for Safaricom members.

What are the requirements for opening an M-Shwari Lock Savings Account?

One must be an M-Shwari customer in order to access this service. To join M-Shwari, Go to your M-PESA menu, select “My account” and “update menu” then go to your M-PESA menu, select M-Shwari, click on activate account and accept terms and conditions.

What are the benefits of opening an M-Shwari Lock saving account?

  • Deposits in this account will earn higher  interest than savings on M-Shwari
  • Low minimum saving amount: The minimum amount is Ksh 500
  • There are no monthly fees on the M-Shwari lock savings account which means that savings will not be used up by bank charges.
  • The interest rate is constant during the investment period, and is calculated daily and paid out at maturity.
  • The M-Shwari lock savings period varies from one month to 6 months depending on the customer needs.

What are the charges due to this account?

Sending money from M-Shwari account to Lock Savings AccountKsh  0
M-Shwari Lock Savings Account Balance inquiryKsh 1
M-Shwari LockSavings Account Mini-statement inquiryKSh  1

M-Shwari lock interest is earned daily and paid out monthly.

Customer Savings AmountLock Savings INTEREST RATE
KSHS 1-200003% P.A
KSHS 20001-50,0005% P.A
>KSHS 50,0016% P.A

When it comes to interest, you have to save over Ksh 50,000 in order to earn decent money. The longer the period the better.

What is the minimum amount needed to open an M-Shwari Lock Savings Account?

The minimum target amount is ksh500.

What is the minimum amount I can top up on my M-Shwari Lock Savings Account?

The minimum top up amount is Kshs1(one)

What is the minimum deposit amount that one needs to have in their Lock Savings to earn the Lock Savings interest?

The minimum amount is Kshs 1000.

Instead of saving money in your bank account or keeping it in your home, save in Mshwari Lock account and earn interest. If you save Ksh 50, 000, you’ll earn Ksh3, 000 as interest.


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