5 reasons why you should participate in Mshwari 52 week challenge : The Standard

Do you remember that English teacher who used to tell you that,” A penny saved is a penny earned?” It is true that before you spend, save. This is what Safaricom wants you to do by only making a 50 bob deposit every week into your MShwari account. Yes, you can save money in your bank, SACCO or any other channel but M-PESA gives a faster, more reliable and efficient way of saving your money right on your phone.

The M-shwari Saving promotion which started on the first week of January 2019, gives you as Safaricom M-Pesa subscriber an opportunity to save Sh50 bob every week cumulatively, for a whole year . By the end of the year, you shall have saved Sh68, 900. Great deal right? Therefore, these are the five reasons as to why you should definitely take up the MShwari 52-week challenge.

1. By depositing Sh50 every week, you are likely to save Sh68, 900 in 52 weeks that is in a whole year. This will earn you a 6% p.a interest. So apart from getting the amount you save weekly, the interest is something to look forward to.
2. There are hundreds of Kenyans taking part in the challenge, you can follow this via #52Weekchallenge on social media. This community of savers gives support and advice and It’s comforting to know that you are not alone, especially when you have to save more and more each week.  The saved amount will increase your loan limit from MShwari due to your saving pattern.
3. Experts say that it takes an average of 66 days to form a habit, that’s approximately 7.5 weeks. With the challenge being 52 weeks, you have more than ample time to make saving a habit, and culture that you can carry all throughout your life.
4. By saving in MShwari using this plan, you know that your money is safe and secure as opposed to saving hard cash in your house where it is easily available.
5. You get to improve your credit score with Safaricom, meaning your Mshwari loan limit increases and you can borrow more for instances when you have financial emergencies.

With all the merits listed, we encourage you to sign up for this challenge by simply taking the steps below.

1. Go to M-PESA on MySafaricom App or from your sim tool kit
2. Select Loans and Savings.
3. Select M-Shwari.
4. Select Lock Savings Account.
5. Select Open Lock Account.
6. Set your target at minimum Ksh. 68,900 or more.
7. Set period at 12 months. Enhancement has been done from 6-12months.
8. Set your account to save from M-PESA or M-Shwari.

Now you are good to go. Simply check the #52WeekChallenge savings calendar, to check on the amount set for each week and go to M-Shwari Lock Savings Account menu, and make your deposit. To check your balance, Go to 'M-PESA' menu and select 'Loans and Savings’. Then select ‘M-Shwari’, choose ‘Check Balance’, Enter M-PESA PIN and Confirm the message displayed on your phone. Be sure you can be young without money, but you can't be old without it, if only you sign up for this saving plan from Safaricom. What are you waiting for? This is the best saving option. Isn’t it?

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Related Topics

Mshwari 52 Week ChallengeMshwariMoney Saving Tips