Safaricom Customer with KSh 500k in M-Shwari Savings Laments Zero Limit for Over 5 Years
- An M-Pesa customer raised concerns after saving in M-Shwari for over five years without qualifying for a loan
- The customer claimed that he has saved up to KSh 500,000 in the account, but his loan limit remains zero
- Safaricom explained to TUKO.co.ke that the customer needs to consistently save money in the account, among other actions, to increase loan eligibility
Wycliffe Musalia has over six years of experience in financial, business, technology, climate, and health reporting, providing deep insights into Kenyan and global economic trends. He currently works as a business editor at TUKO.co.ke.
A Safaricom customer has raised concerns over his low M-Shwari loan limit, despite saving in the account.
Source: Facebook
The M-Pesa customer said he has been saving in M-Shwari for more than five years, but his loan limit remains zero.
The customer claimed that his M-Shwari savings balance is KSh 500,000, wondering why the telco has not reviewed the loan limit.
Search option is now available at TUKO! Feel free to search the content on topics/people you enjoy reading about in the top right corner ;)
"I have been saving on M-Shwari for over five years now, but my M-Shwari limit remains zero despite having KSh 500,000 in my M-Shwari savings account," the customer wrote in a Safaricom post comment section.
Can M-Shwari savings grow loan limit?
Speaking exclusively to TUKO.co.ke, Safaricom explained that frequent savings will help increase the M-Shwari loan limit.
"To qualify, save on M-Shwari consistently, increase deposits, and limit the withdrawals. This will help the customer stand a better chance in M-Shwari loan," said Safaricom.
The leading telecommunications firm also recommended consistent use of Safaricom and M-PESA services.
These are:
- GSM usage on the network, which includes usage on SMS, Data, calls, and airtime top-up frequency, among others.
- M-PESA usage, which includes frequency of transactions, withdrawals, deposits, person-to-person transactions, and amounts transacted.
Source: UGC
Safaricom said M-Shwari loan reviews are done every 90 days based on all of the above, and at the NCBA Bank's discretion.
Which other factors are considered for M-Shwari loan?
The telco also considers other factors, including:
- Loans allocated elsewhere on your ID
- Timely repayment of other loans, such as KCB-MPESA and other financial institutions
- Repayment pattern of Okoa Jahazi
- Fuliza and Hustler Fund
- CRB rating
Can M-Pesa customer qualify for Fuliza alone?
In related news, TUKO.co.ke reported about an M-Pesa customer who raised concerns over his M-Shwari loan and Fuliza limit.
The customer said his M-Shwari loan stood at zero after using the line for more than 10 years, yet he qualified for the M-Pesa overdraft facility.
The customer questioned the company why it allocated the M-Pesa line a Fuliza limit of KSh 8,000, yet the M-Shwari loan limit remained zero.
Safaricom noted that having an M-Pesa line for than 10 years does not qualify one to get M-Shwari.
The company urged customers to transact on M-Shwari, which means utilising the account products, such as savings (short-term) and lock savings (long-term).
Proofreading by Mercy Nyambura, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
