Why I say so is that this is one of the first things I read about M-Swari even before attempting to use it. Failing to read it does not mean it is not there, and neither it is even in fine print - If you really interested in the product, this is one of the first thing you will notice. I was really trying to figure out how the system is foolproof and this is it, otherwise, people would simply borrow and throw away the SIM card and pay it back after 10 years. ./Ok3ch On Sun, Dec 23, 2012 at 10:50 AM, Mickey Mickey <michaelakunga@gmail.com> wrote:
@Okechuku: I beg to disgree with you for once this year "you have no right to raise alarm" ouhh yeah he has... he just made us aware not to fall into the trap.
On Sun, Dec 23, 2012 at 10:28 AM, Okechukwu <okechukwu@gmail.com> wrote:
This is very clear on the FAQ's nd its one of the founding principles of M-Shwari so you have no right to raise any alarm.
./Ok3ch
On Sun, Dec 23, 2012 at 10:10 AM, Bernard Mwagiru <bmwagiru@gmail.com> wrote:
http://www.safaricom.co.ke/personal/m-pesa/m-shwari/m-shwari-faqs
If you have saved Kshs 5000 in your M-Shwari and have a loan of Kshs 2000 and do not repay within the loan duration (30 days), what happens to the money in your deposit account?
When you borrow the Ksh 2,000, the money in your savings account will be frozen to the loan amount and the loan fee (loan amount Ksh 2,000 loan plus a facilitation fee of Ksh 150).You will only be able to access any balance above the frozen amount. The frozen amount will be accessible once you pay the loan. However you can continue to deposit money. Note: During the period the frozen savings will continue to earn interest which will be paid into your M-Shwari at the end of calendar quarter.
./bernard
On Dec 22, 2012 6:42 PM, "Jacob Ayienda" <jacobayienda@gmail.com> wrote:
Just realized I can't withdraw cash from my mshwari account I had deposited by accident which I had meant to pay a loan I had taken. Initially I thought mpesa was experiencing downtime only to realize everything else worked okay.
Then it hit me. The amount is being used as security for what I had borrowed earlier something I don't remember reading in the terms of use. If it is a bug then that's unfortunate because now I can't pay back the loan owed as the money is locked in the mshwari a/c and repayment is down through mpesa.
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