M-SHWARI using account savings as security
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. ***insert insult here***
Could be another case of the 'unlimited' jargon from the ISPs. Probably, the T and Cs for M-Shwari were in a smaller font than the rest of the document. Or there was a PTO written in colorless ink. My half cent! Stephen. On 12/22/2012 06:42 PM, Jacob Ayienda 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.
***insert insult here*** _______________________________________________ skunkworks mailing list skunkworks@lists.my.co.ke ------------ List info, subscribe/unsubscribe http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------
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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.
***insert insult here*** _______________________________________________ skunkworks mailing list skunkworks@lists.my.co.ke ------------ List info, subscribe/unsubscribe http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------
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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.
***insert insult here*** _______________________________________________ skunkworks mailing list skunkworks@lists.my.co.ke ------------ List info, subscribe/unsubscribe http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------
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@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.
***insert insult here*** _______________________________________________ skunkworks mailing list skunkworks@lists.my.co.ke ------------ List info, subscribe/unsubscribe http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------
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-- MICHAEL A. AKUNGA Cell No: (+254) ( 0) 726 174 815 E-Mail: michaelakunga@gmail.com michaelakunga@yahoo.com Blog: http://michysoft.blogspot.com Skype: michaelakunga
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.
***insert insult here*** _______________________________________________ skunkworks mailing list skunkworks@lists.my.co.ke ------------ List info, subscribe/unsubscribe http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------
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-- MICHAEL A. AKUNGA Cell No: (+254) ( 0) 726 174 815 E-Mail: michaelakunga@gmail.com michaelakunga@yahoo.com Blog: http://michysoft.blogspot.com Skype: michaelakunga
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How does one qualify for the Mshwari Loan? 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.
***insert insult here*** _______________________________________________ skunkworks mailing list skunkworks@lists.my.co.ke ------------ List info, subscribe/unsubscribe http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------
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Hi Morgan, Its all here - http://www.safaricom.co.ke/personal/m-pesa/m-shwari/m-shwari-faqs Cheers On Sun, Dec 23, 2012 at 12:51 PM, Andayi Morgan <morgan@webonmobi.info>wrote:
http://www.safaricom.co.ke/personal/m-pesa/m-shwari/m-shwari-faqs
-- Pithon K. Kamau Mobile: 0723 588705 / 0733 686562 *Tel*: +254 20 8083989 *Website*: www.heartbitsolutions.com *Blog*: www.heartbitsolutions.com/blog Website Design, Domain Registration, Website Hosting, Corporate Email Solutions, Website Maintainance, Website Marketing, Logo Design and Branding, Computer Hardware and Maintainance, Network Design and Set Up............. *"Better Late Than Never, But Never Late is Better"*
Good somebody raised it, so we read the T&Cs that we were supposed to in the first place. Regards, Martin Gicheru Sent from my Galaxy Note II On 23 Dec 2012 12:56, "Pithon Kamau" <pitkag@gmail.com> wrote:
Hi Morgan,
Its all here - http://www.safaricom.co.ke/personal/m-pesa/m-shwari/m-shwari-faqs
Cheers
On Sun, Dec 23, 2012 at 12:51 PM, Andayi Morgan <morgan@webonmobi.info>wrote:
http://www.safaricom.co.ke/personal/m-pesa/m-shwari/m-shwari-faqs
-- Pithon K. Kamau Mobile: 0723 588705 / 0733 686562 *Tel*: +254 20 8083989 *Website*: www.heartbitsolutions.com *Blog*: www.heartbitsolutions.com/blog Website Design, Domain Registration, Website Hosting, Corporate Email Solutions, Website Maintainance, Website Marketing, Logo Design and Branding, Computer Hardware and Maintainance, Network Design and Set Up.............
*"Better Late Than Never, But Never Late is Better"*
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Just like all gullible Kenyans (Including MaDVD), he just ticked "I have read all terms and conditions" without reading anything, and went straight to "loan limit", ha ha haaaa... (dead) ... Don't we do this all of us here in Kenya? I just learn't to read the fine details, including those on the infamous "Chacha" loan. The devil always hides in the details, just ask MaDVD! Peter
Ebu you leave MaDVD alone, he has more to worry about than a 2k M-Shwari loan. On Sun, Dec 23, 2012 at 7:50 PM, Peter Osotsi <peter.osotsi@gmail.com>wrote:
Just like all gullible Kenyans (Including MaDVD), he just ticked "I have read all terms and conditions" without reading anything, and went straight to "loan limit", ha ha haaaa... (dead) ...
Don't we do this all of us here in Kenya? I just learn't to read the fine details, including those on the infamous "Chacha" loan. The devil always hides in the details, just ask MaDVD!
Peter
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-- Regards, Martin Gicheru|Business Development|Techweez Solutions Email ID: martin@techweez.com | Tel:254721906171 | Website: http://www.techweez.com | Skype ID: martingicheru | Twitter ID:martingicheru | Gtalk: martin@techweez.com
Had not read this part but just asking why would I borrow 2000 if I have 5000 in the account. Just coz I want it to make interest. If I'm borrowing emergency cash its either coz I don't have any cash or I may want to top up the cash in my account so as to use it On 12/23/12, 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.
***insert insult here*** _______________________________________________ skunkworks mailing list skunkworks@lists.my.co.ke ------------ List info, subscribe/unsubscribe http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------
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That is logical, but what will work for this product is that there must be some security, otherwise there is no business sense. This product to me is more suited for the unbanked and informal sector workers, otherwise, things like credit card for sure make more sense than this. ./Ok3ch On Sun, Dec 23, 2012 at 2:55 PM, Jacob Ayienda <jacobayienda@gmail.com> wrote:
Had not read this part but just asking why would I borrow 2000 if I have 5000 in the account. Just coz I want it to make interest.
If I'm borrowing emergency cash its either coz I don't have any cash or I may want to top up the cash in my account so as to use it
On 12/23/12, 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.
***insert insult here*** _______________________________________________ skunkworks mailing list skunkworks@lists.my.co.ke ------------ List info, subscribe/unsubscribe http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------
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participants (9)
-
Andayi Morgan -
Bernard Mwagiru -
Jacob Ayienda -
Martin Gicheru -
Mickey Mickey -
Okechukwu -
Peter Osotsi -
Pithon Kamau -
Wanjau