What is the maximum amount that can be saved in an M-Shwari Lock Savings Account?-There is no maximum target amount. Would you like to receive additional content and tools to help you manage your finances better? Sorry it is a lengthy process as the withdrawal will take 48 hours, but you won’t have to do it again. This means that you can freely move money across both accounts at no charge, and the savings account earns you some interest. 2. Thanks. Instead of breaking your #52WeekChallenge bank, you may find it useful to take a loan that won’t cost you much because you will repay it in a few days. Upon maturity, the M-Shwari Lockbox savings and the interest earned shall be moved to your M-Shwari account. Go to M-PESA, Loans and Savings, M-Shwari, Lock Savings Account, Open Account, select to save from either M-PESA or From M-Shwari, Enter Target Amount, enter period between 1-6 months, Enter amount to save. Hello Martin, To adjust the period, please make a withdrawal from our current lock savings, then set a new one afresh (and deposit the funds). This can be a fun goal or even a dead-serious one. There is a version of hide-and-seek that little children play, where instead of hiding from you,... As we come to the end of the year and the #52WeekChallenge 2019 edition, this series of posts is... As we come to the end of the year and the #52WeekChallenge 2019 edition, this series of posts is... #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; } Hi, Why M-Shwari is great for the #52WeekChallenge. Welcome to the #52WeekChallenge Julie. To join M-Shwari, Go to your M-PESA menu, select “My account” and “update menu” then go to your M-PESA menu, select M-Shwari, click on activate account and accept terms and conditions. Using the Lock Savings Account for the #52WeekChallenge means that you save by a couple of taps. What interest will be payable on the M-Shwari Lock Savings? If my lock savings target is 100k, and I open the account with 99,999 kshs and then top up with 2 bob a day later, then withdraw 90k, will I earn my interest on the 10,001 kshs average balance at the end of the lock period of 1 month, given I did reach my target? As a result, you end up postponing the saving, until the amounts due are so huge, that you have to dip into your regular savings. This creates a barrier to frequent saving, because the effort you would expend to transfer 50 bob to a different account is just not worth it. In financial transactions, friction refers to the time, effort, and cost involved in making financial transactions. What is the minimum amount needed to open an M-Shwari Lock Savings Account?-The minimum target amount is ksh500. If you have questions or would like to get in touch with me, leave your details on the form below, and I will get in touch. We are using M-Shwari for the Challenge for a number of reasons: Download the #52WeekChallenge chart below and start. All those methods involve transferring money from one financial medium to another – in the case of a piggy bank, a manual transfer from your bank account to your piggy bank.