Saturday, January 16, 2021

How To Break M-Shwari Lock Savings Account And Withdraw Funds

    January 16, 2021   No comments

 

Mshwari
  • Financial emergencies for example hospital bills, rent, school fees can force someone making savings with M-Shwari Lock Savings Account to 'Break the Lock'. 

Breaking the Lock will enable an Mshwari Lock Savings account holder have access to the money saved for use. 

The account holder can then send the money to M-Pesa, visit an Mpesa agent to withdraw or pay via either till number or Paybill number for the service or goods.

What Is M-Shwari Lock Savings Account 

This is a mobile bank account run by NCBA Bank in partnership with Safaricom PLC that enables Mpesa and M-Shwari users to save money in a locked account for a specified time.

The time a customer can save money in this Lock Savings Account is from one (1) month to one (1) year after which the money considered to have matured. 

Lock Savings Account allows customers to earn higher interest rates at 6.65 % (percent) and can still make savings top ups anytime before maturity. 

How Can I Break M-shwari Lock Savings Account 

This is highly discouraged but incase of emergencies, you can request to withdraw the money from your Lock Savings Account in full known as Breaking The Lock or partially which is termed as Partially Breaking The Lock.

After making a request to Break M-shwari Lock Savings account, you'll have to wait for 48 hours before the money will be available and ready to withdraw.

Break M-shwari Lock Savings account
A screenshot from Safaricom website showing how long it takes before a customer can withdraw money from a broken Mshwari Lock Savings account 

The request to withdraw money saved in Mshwari Lock Savings Account is done from the Mshwari menu.


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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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