(Last Updated On: June 28, 2014)
Safaricom and Commercial Bank of Africa have introduced a new function in M-Shwari that allows customers to save money in a fixed account.
Customers will save a minimum of sh500 for six months at interest rates of about 6% per year. This will help customers in resisting the urge to withdraw the money they are planning on saving for future uses or goals since it will be inaccessible.
So far customers have take loans of over sh13 billion and this number is growing daily. In order to access the Lock Savings Account feature just dial *234*6# and follow the prompt.