Safaricom Customer with KSh 8k Fuliza Questions Why M-Shwari Loan Limit Remains Zero for 10 Years
- A Safaricom M-Pesa customer raised concerns over his M-Shwari loan limit, which stood at zero after using the line for more than 10 years
- The customer questioned why the M-Pesa line gets a Fuliza limit of KSh 8,000, yet remains ineligible for the M-Shwari loan
- The leading telecommunications company explained to TUKO.co.ke the other factors customers should consider to qualify for the M-Shwari loan
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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.
Safaricom PLC has responded to a customer who lamented a zero M-Shwari loan limit, despite qualifying for a Fuliza limit of KSh 8,000.
Source: Facebook
The customer took to social media, raising concerns over the M-Shwari loan eligibility, despite using the M-Pesa line for over 10 years.
How to grow M-Shwari loan limit
The customer sought to know why the leading telecommunications firm only allocated him a Fuliza limit, with zero M-Shwari.
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"Nimetumia line ya Safaricom over 10 years, why my M-Shwari is always 000 yet Fuliza is KSh 8,000?" the customer asked via Safaricom Facebook post comment section.
Speaking exclusively to TUKO.co.ke, Safaricom noted that having an M-Pesa line for than 10 years does not qualify one to get M-Shwari.
The telco shared several factors customers should consider to grow their M-Shwari loan eligibility.
"Customers should transact via M-Shwa to earn a loan limit. The amount transacted in this account also determines the M-Shwari loan limit," said Safaricom.
Safaricom explained that transacting on M-Shwari means utilising the account products, such as savings (short-term) and lock savings (long-term).
You (customer) should have frequent savings in the account, among other things, including airtime usage and a positive credit score," the telco added.
Source: UGC
Which other factors determine Safaricom loan eligibility
Safaricom told the customer to consider the following factors, other than savings and transactions:
- Loans allocated elsewhere on your ID
- Timely repayment of other loans to KCB-MPESA and other financial institutions
- Repayment pattern of Okoa Jahazi, Fuliza and Hustler Fund.
- CRB rating
The telco maintained that M-Shwari loan limit reviews are usually done automatically by the system for credit scoring.
Safaricom clarifies who reviews M-Shwari loan limit
In related news, TUKO.co.ke reported about a customer who lamented a zero M-Shwari limit despite using the M-Pesa line for 15 years.
The customer raised concerns on social media, asking why she could not borrow from the M-Shwari service.
Safaricom urged the customer to use its line for broadband and phone services, make regular deposits into their M-Shwari accounts, pay back loans on schedule, and use M-Pesa frequently.
The telco further clarified that the M-Shwari loan limit is determined by NCBA Bank, its lending partner, based on the shared factors.
Proofreading by Jackson Otukho, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
