Have you ever wanted to help your friend or family me ever pay for their M-Shwari loan directly, but had no idea whether or not that option was available? Well this is for You. Yes you can pay an M-Shwari loan for another number. This article will show you how.
It is an open secret that repaying loans (in this case M-Shwari loans) on time increases your loan limit exponentially. With M-Shwari loans, users get a 20% discount refund on the facility fee that the service charges. M-Shwari also gives users a flexible payment plan as it allows them to make payments in installments within the 30 days loan period.
While M-Shwari has not yet provided a direct or straight forward method for repaying an M-Shwari loan for another number directly from your own account, we have a bit of a work around.
How To Pay An M-Shwari Loan For Another Safaricom Phone Number
If you need to repay an M-Shwari loan for another number you can do so by sending the money to the other party via their M-Pesa account. To do so simply:
- Go to your M-Pesa menu and select the ‘Send Money’ option.
- Next, enter the phone number of the individual you are sending the money for the M-Shwari loan to.
- Once done, enter the amount you want to send.
- Next, proceed to type in your M-Pesa PIN number.
- Once done, select ‘OK’.
After following the above steps, the other should receive a confirmation message from M-Pesa regarding the money you sent. They can then proceed to repay their M-Shwari loan directly from their mobile device.
If the other party does not know how to repay the loan however, you can do so for him or her by following the next couple of steps:
- Go to the M-Pesa menu on the other party’s mobile device.
- Next, select the ‘Loans and Savings’ option.
- Select the ‘M-Shwari’ option and then proceed to the loan option.
- Once there, choose the ‘Pay Loan’ option.
- Since the money is already in the mobile device’s M-Pesa, choose the M-Pesa option for payment.
- Once done, type in the amount.
- After typing in the amount, you will be required to enter the M-Pesa PIN.
- The M-Shwari loan amount will automatically be deducted from the M-Pesa account.
So there you have it on how to pay an M-Shwari loan for another Safaricom number. If this was helpful, you are welcome *wink.
M-Shwari is a paperless banking service owned by Safaricom in conjunction with CBA Bank and offered through the company’s M-PESA service. M-Shwari allows users to open and operate M-Shwari bank accounts directly from their mobile phones, via M-PESA, and without having to visit banks or fill out any forms.
The M-Shwari service also gives users the ability to move funds in and out of their savings accounts to their M-Pesa accounts without extra charges. It gives users the opportunity to save from as little as 1 Kenyan Shilling while earning interests of up to 6.65 % per annum on their savings balance. All you need to do is move the money from your M-Pesa account, to your savings account. It has a Lock Savings Account option which lets users save for a fixed period of time, while earning interests of up to 70 % of the Central Bank of Kenya Rate.
With M-Shwari, users get access to loans from as little as 100 Kenyan Shillings at any time at a facility fee of 7.5 % and receive the money on their M-Pesa account.
