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M-Shwari lock savings question
MugundaMan
#1 Posted : Friday, September 28, 2018 8:15:35 AM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,700
Location: DC (Dustbowl County)
Please Help me understand something.

1. If my lock savings target is 100k, and I open the account with 99,999 kshs and then top up with 2 bob a day later, then withdraw 90k, will I earn my interest on the 10,001 kshs average balance at the end of the lock period of 1 month, given I did reach my target? Safaricom customer service employees seem quite clueless on these matters. I have received several different answers from several of them.

2. Have been told that Mshwari itself pays zero interest, is this true? Their fine print has changed twice and tells different stories too.If it pays zero, what is its purpose? Safcon might as well just abolish it.

3. If I already had 100k on MPESA and someone sent 70k, would the incoming transfer be rejected on their end or mine due to MPESA's limits? Who then will receive the rejection message?

Asanteni in advance, nduguzanguni.
"The fool says in his heart, "There is no God." - Psalm 14:1
Dustbowl County is the Future of Kenya.
**1700 posts = Adios (for real this time!)**
Pesa Nane
#2 Posted : Friday, September 28, 2018 3:25:10 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,027
Location: 08c
MugundaMan wrote:
Please Help me understand something.

1. If my lock savings target is 100k, and I open the account with 99,999 kshs and then top up with 2 bob a day later, then withdraw 90k, will I earn my interest on the 10,001 kshs average balance at the end of the lock period of 1 month, given I did reach my target? Safaricom customer service employees seem quite clueless on these matters. I have received several different answers from several of them.

2. Have been told that Mshwari itself pays zero interest, is this true? Their fine print has changed twice and tells different stories too.If it pays zero, what is its purpose? Safcon might as well just abolish it.

3. If I already had 100k on MPESA and someone sent 70k, would the incoming transfer be rejected on their end or mine due to MPESA's limits? Who then will receive the rejection message? In-transfer is rejected and intended recipient NOT notified. Out-transfer happens (you have transfered xxx to mr. AAA) but immediately bounces back and SENDER get's notified that the transaction could not happen. Reason not given so @mugundaman don't get visited by robbing hoods

Asanteni in advance, nduguzanguni.

Pesa Nane plans to be shilingi when he grows up.
murchr
#3 Posted : Friday, September 28, 2018 4:03:51 PM
Rank: Elder


Joined: 2/26/2012
Posts: 14,276
MugundaMan wrote:
Please Help me understand something.

1. If my lock savings target is 100k, and I open the account with 99,999 kshs and then top up with 2 bob a day later, then withdraw 90k, will I earn my interest on the 10,001 kshs average balance at the end of the lock period of 1 month, given I did reach my target? Safaricom customer service employees seem quite clueless on these matters. I have received several different answers from several of them.

2. Have been told that Mshwari itself pays zero interest, is this true? Their fine print has changed twice and tells different stories too.If it pays zero, what is its purpose? Safcon might as well just abolish it.

3. If I already had 100k on MPESA and someone sent 70k, would the incoming transfer be rejected on their end or mine due to MPESA's limits? Who then will receive the rejection message?

Asanteni in advance, nduguzanguni.



I will answer number 3.

If you have 100K on Mpesa and someone sends 70K, the transaction will not go through, the sender will be told to alert you to withdraw the money in your account to facilitate the new cash in.


My understanding of no.2

Mshwari is an account with CBA facilitated by Safaricom. CBA carries the risk associated with non-payments of loans and any interests accrued. Mshwari accounts can be accessed through Mpesa - the mobile money transfer service of Safaricom.

"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
MugundaMan
#4 Posted : Friday, September 28, 2018 4:55:54 PM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,700
Location: DC (Dustbowl County)
Pesa Nane wrote:
MugundaMan wrote:
Please Help me understand something.

1. If my lock savings target is 100k, and I open the account with 99,999 kshs and then top up with 2 bob a day later, then withdraw 90k, will I earn my interest on the 10,001 kshs average balance at the end of the lock period of 1 month, given I did reach my target? Safaricom customer service employees seem quite clueless on these matters. I have received several different answers from several of them.

2. Have been told that Mshwari itself pays zero interest, is this true? Their fine print has changed twice and tells different stories too.If it pays zero, what is its purpose? Safcon might as well just abolish it.

3. If I already had 100k on MPESA and someone sent 70k, would the incoming transfer be rejected on their end or mine due to MPESA's limits? Who then will receive the rejection message? In-transfer is rejected and intended recipient NOT notified. Out-transfer happens (you have transfered xxx to mr. AAA) but immediately bounces back and SENDER get's notified that the transaction could not happen. Reason not given so @mugundaman don't get visited by robbing hoods

Asanteni in advance, nduguzanguni.



Thanks PesaNane! That sorts me out on #3.
"The fool says in his heart, "There is no God." - Psalm 14:1
Dustbowl County is the Future of Kenya.
**1700 posts = Adios (for real this time!)**
MugundaMan
#5 Posted : Friday, September 28, 2018 5:02:39 PM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,700
Location: DC (Dustbowl County)
murchr wrote:
MugundaMan wrote:
Please Help me understand something.

1. If my lock savings target is 100k, and I open the account with 99,999 kshs and then top up with 2 bob a day later, then withdraw 90k, will I earn my interest on the 10,001 kshs average balance at the end of the lock period of 1 month, given I did reach my target? Safaricom customer service employees seem quite clueless on these matters. I have received several different answers from several of them.

2. Have been told that Mshwari itself pays zero interest, is this true? Their fine print has changed twice and tells different stories too.If it pays zero, what is its purpose? Safcon might as well just abolish it.

3. If I already had 100k on MPESA and someone sent 70k, would the incoming transfer be rejected on their end or mine due to MPESA's limits? Who then will receive the rejection message?

Asanteni in advance, nduguzanguni.



I will answer number 3.

If you have 100K on Mpesa and someone sends 70K, the transaction will not go through, the sender will be told to alert you to withdraw the money in your account to facilitate the new cash in.


My understanding of no.2

Mshwari is an account with CBA facilitated by Safaricom. CBA carries the risk associated with non-payments of loans and any interests accrued. Mshwari accounts can be accessed through Mpesa - the mobile money transfer service of Safaricom.



Asante muchr. I was told that Mshwari stopped paying interest as soon as the 2016 law on all deposits having to pay 70% of the CBR came into effect. So it converted to being an ordinary sort of transactional account that pays zero interest but charges a 7.5% "facilitation fee" for loans on our mobiles. The only benefit I see is that you can store virtualy unlimited amounts of money on it (even millions) compared to Mpesa's 100k. But who in their right mind would store millions there if it is paying zero interest?

On question #1 I think I have it figured out. They pay the standard 70% of CBR which is about 6.3% (70% of 9%) as long as you hit your savings target, and the amount is paid on your average daily balance. What I am yet to confirm is whether they pay no interest at all if you never reach your savings target. One customer service representative told me this some time back. Not sure how true that is. If it is, then Mshwari lock would be equally useless unless one hits their target.

"The fool says in his heart, "There is no God." - Psalm 14:1
Dustbowl County is the Future of Kenya.
**1700 posts = Adios (for real this time!)**
MugundaMan
#6 Posted : Thursday, October 11, 2018 8:22:18 AM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,700
Location: DC (Dustbowl County)
I confirmed that they do pay interest on your average daily balance regardless, but you get the highest interest rate (6.3% for now) only if you hit your target. So a smart person will simply open the account with a certain target, deposit one shilling less, then deposit a shilling or more shortly thereafter in order to benefit from it IMHO. I wonder why Mshwari is so opaque about all these shenanigans? They should just pay the highest rate for all savers on mshwari lock instead of wasting our time and energy with these games which even their own customer service reps find difficult to understand let alone explain.
"The fool says in his heart, "There is no God." - Psalm 14:1
Dustbowl County is the Future of Kenya.
**1700 posts = Adios (for real this time!)**
MugundaMan
#7 Posted : Friday, November 02, 2018 8:51:09 AM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,700
Location: DC (Dustbowl County)
Mshwari bure kabisa! Frequent outages and lagging messages. Today for example my M-shwari lock matured yet no message yet and no monee remitted to M-shwari yet. And bills need to be paid pronto (I like paying my bills on day one.. no delays). Jana it was OUT for several hours in the afternoon as well meaning if you had to make an urgent payment and had the money in M-shwari you would have been completely stuck!
"The fool says in his heart, "There is no God." - Psalm 14:1
Dustbowl County is the Future of Kenya.
**1700 posts = Adios (for real this time!)**
MugundaMan
#8 Posted : Sunday, November 11, 2018 7:26:57 AM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,700
Location: DC (Dustbowl County)
Mshwari Lock savings has been DOWN for 5 days straight

Laughing out loudly Laughing out loudly Laughing out loudly

No deposits, no withdrawls, no getting your money back upon maturity. No balance, no mini statements. Nothing!

What sort of company is this jameni?

Imagine if you had petty cash that you use for your day to day end of month bills designed to mature so you can pay those bills with that cash yet you find you are unable to access it from Safaricom-CBA for five days and counting with the customer service chaps saying there is "no timeline" for when service will be restored but "we are working on it! Laughing out loudly Laughing out loudly Bure ghabisa!!!!!

We might as well stick to fixed deposits at a local bank, or "pull a Nyachae" and store money in a safe at home at this rate! At least we know we can access our cash when push comes to shove under these two methods!
"The fool says in his heart, "There is no God." - Psalm 14:1
Dustbowl County is the Future of Kenya.
**1700 posts = Adios (for real this time!)**
winmak
#9 Posted : Sunday, November 11, 2018 6:47:11 PM
Rank: Member


Joined: 12/1/2007
Posts: 403
Location: Nakuru
FDs in the tier 2s or 3s will give u much less headache
For investors as a whole, returns decrease as motion increases ~ WB
Angelica _ann
#10 Posted : Sunday, November 11, 2018 7:03:10 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,252
winmak wrote:
FDs in the tier 2s or 3s will give u much less headache


Laughing out loudly Laughing out loudly Laughing out loudly those are worse. You can wake up to the bank gone without warning/signs!!!
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Ericsson
#11 Posted : Sunday, November 11, 2018 10:11:59 PM
Rank: Elder


Joined: 12/4/2009
Posts: 6,375
Location: NAIROBI
Angelica _ann wrote:
winmak wrote:
FDs in the tier 2s or 3s will give u much less headache


Laughing out loudly Laughing out loudly Laughing out loudly those are worse. You can wake up to the bank gone without warning/signs!!!


Signs of an economy in distress
MugundaMan
#12 Posted : Monday, November 12, 2018 2:05:10 AM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,700
Location: DC (Dustbowl County)
M-Shwari Lock Savings finally back up to full functionality as of 2.06am Monday Nov 12th! Apparently they were upgrading their systems. Hope this permanently solves all their swarms of shidas.
"The fool says in his heart, "There is no God." - Psalm 14:1
Dustbowl County is the Future of Kenya.
**1700 posts = Adios (for real this time!)**
MugundaMan
#13 Posted : Monday, November 12, 2018 2:07:35 AM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,700
Location: DC (Dustbowl County)
Angelica _ann wrote:
winmak wrote:
FDs in the tier 2s or 3s will give u much less headache


Laughing out loudly Laughing out loudly Laughing out loudly those are worse. You can wake up to the bank gone without warning/signs!!!


I don't touch any bank that does not have a branch in any other country except Kiinya. I especially don't touch the Singh banks! Those ones with their chopdi shadow banking systems can collapse on a sneeze at any time!
"The fool says in his heart, "There is no God." - Psalm 14:1
Dustbowl County is the Future of Kenya.
**1700 posts = Adios (for real this time!)**
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