Safaricom PLC has responded to a customer who raised concerns over his M-Shwari loan limit, despite transacting frequently. Safaricom CEO Peter Ndegwa speaking at a past event. What customer asked Safaricom about M-Shwari loan According to the M-Pesa customer, his monthly transaction surpasses KSh 300,000, yet he does not qualify for a loan limit. Samie took to Facebook, raising his concerns on Safaricom’s post comment section, questioning the telecommunications firm why he was not qualifying for M-Shwari. RECOMMENDED FOR YOU Kenyan schools get new climate-smart garden model to tackle hunger, teach sustainability “I do not qualify for M-Shwari loan yet I have been transacting over KSh 300,000 per month, why?” the customer asked. In response, the leading telco in mobile money services told the customer to check whether he utilises other Safaricom services and his credit score status. Screenshot of Safaricom’s response to a customer.
How to qualify for M-Shwari loan Speaking exclusively to TUKO.co.ke, Safaricom explained that transacting alone does not make a customer qualify for an M-Shwari loan. The telco noted that even if a customer transacts up to KSh 100,000, yet he or she does not save or their credit score is negative, they will not earn or qualify for M-Shwari loan limit. “Yes, transacting, among other things, including airtime usage, frequent savings on the M-Shwari account and a positive credit score, usually from the Credit Reference Bureau (CRB), can earn an M-Shwari loan limit,” said Safaricom. The company clarified that a strong borrowing and repayment history is required for customers to increase their credit limits.
What to know about M-Shwari M-Shwari is a mobile banking facility that enables users to manage their funds via M-Pesa mobile wallet without going to the bank. The facility is offered in collaboration between Safaricom PLC and NCBA Bank, where customers move from M-Pesa to M-Shwari savings account free of charge. The money in the M-Shwari account, with a minimum amount of KSh 1, earns interest for customers. According to Safaricom, these continued savings in the M-Shwari account increase the chances of a customer qualifying for an M-Shwari loan. Why Fuliza takes long to grow In related news, Safaricom explained to TUKO.co.ke why its M-Pesa overdraft facility, Fuliza, may remain unchanged for some time. The telco maintained that a number of factors come into play, including Credit Reference Bureau (CRB) status. The company explained that a customer’s limit could remain unchanged if the utilisation of M-Pesa services remains low.
By Wycliffe Musalia
