To open an M-Shwari Lock Savings Account, Safaricom provides customers with convenient options through the M-Pesa menu on their phones or via the My Safaricom App. Here’s how you can open an M-Shwari Lock Savings Account using either method:
Using the M-Pesa Menu:
- Access M-Pesa Menu:
- Open the M-Pesa menu on your phone.
- Navigate to Loans and Services:
- Select the “Loans and Services” option.
- Choose M-Shwari:
- From the menu, choose the “M-Shwari” option.
- Select Lock Saving Account:
- Choose the “Lock Saving Account” option.
- Open Account:
- Follow the prompts to open a new account.
- Set Target Amount and Period:
- Specify the target amount you wish to save and the duration (1-12 months).
- Make First Deposit:
- Make the initial deposit to activate the Lock Saving Account from either M-Shwari or M-Pesa.
- Receive Confirmation:
- Once the account is successfully opened, you will receive a notification via SMS.
Using the My Safaricom App:
- Download the App:
- Download the My Safaricom App from the Google Play Store (for Android) or Apple App Store (for iOS).
- Open the App:
- Launch the My Safaricom App on your phone.
- Access M-Pesa Menu:
- Navigate to the M-Pesa menu within the app.
- Select Loans and Savings:
- Choose the “Loans and Savings” option from the M-Pesa menu.
- Choose M-Shwari:
- Select “M-Shwari” from the available options.
- Opt for Lock and Saving Account:
- Choose the “Lock and Saving Account” option.
- Open Account:
- Follow the instructions provided to open a new account.
- Specify Time Period and Amount:
- Enter the duration (1-6 months) and the amount you wish to save.
- Make Deposit:
- Make the initial deposit to activate the Lock Saving Account, either from M-Pesa or M-Shwari.
- Receive Confirmation:
- Once the account is successfully opened, you will receive a notification within the app.
After opening your M-Shwari Lock Savings Account, you’ll start earning interest on your savings, and you can monitor your account’s progress through the M-Pesa menu or the My Safaricom App. Remember, you can withdraw your savings before the agreed date, and any requested withdrawal will be processed within 48 hours.