josh
Had same prob
Was sorted through safcom twitter. Tweet them n DM your Number

Now imagine doing debt collection for 50k or less for say five million people. Nightmare stuff right there.

Vetting process is strict.They are encouraging people to use their banking system.

@7.5% per month, Safcom has now officially entered the shylock business.

[quote=Caveman]I bet this will be the next big thing after Mpesa.
http://www.businessdaily.../-/kkxxo2z/-/index.html[/quote]

Tough luck!! This is not an M-pesa peer, just a by-product like paybill or the better known flop , M-Kesho.
Safcom has nothing to do with M-swali; other than providing the m-pesa platform and bodies (subscribers) at a small shared fee.

Wishing CBA luck, but pointing out few facts:
1. If you default, they cannot call your contacts. That will be breach of confidentiality (on CBA's part) regardless of what their Tand C say. (the T and C are not superior to legislation.)
2. The cost of following up a default of couple of thousands will not be worthwhile. ask 'Member'.
3. The biggest dilemma by CBK is a growing population of defaulters who seem unfazed by CRB adverse listings. A good number of borrowers seem to be finding fame out of giving banks a piece of their trade.

But again, I wish cba luck.

On a light note: The launch had likes of Kajwang, jugu na dungu (any relation with kwa jugunas?) and githae. The only time such got together is the day before 'bullfighter karware spoke - if you get my drift.

Borrow with M-Shwari

The M-Shwari Loan Account is a micro-credit product which allows you to borrow money in times of need or in order to grow your business. A one-time fee of 7.5% is levied for each loan. Borrow with M-Shwari and start to build your credit history today. In order to qualify for a loan all you need is to be an M-PESA subscriber for 6 months, save on M-Shwari and actively use other Safaricom services such as voice, data and M-PESA. To enquire on how much you can borrow, dial *234*6#

Source..http://www.cbagroup.com/m-shwari/mshwari-more.html

21. If request for a loan of Kshs1,000 how much will receive and how much will payback?

You will receive the full loan amount requested if you qualify.You will however be required to pay back Kshs 1,100 within 3 days because each loan attracts 10% facility fee.

30. Do I get charged interest on my M-Shwari loan?

The M-Shwari loan DOES NOT attract any interest.The 10% charged is loan facility fee payable only once for each loan taken.

Source...http://www.cbagroup.com/m-shwari/FAQs.pdf

Who is fooling who...is it 7.5% or 10% or both!!

So let me get this straight.

To borrow 1k I need to have 1k?
It is not a loan but a "facilitation" fee?

Let me help the safaricon fellas. Mama mbogas are some of the shrewdest business people in the world. They won't take that loan even if you paid them.

However, the employed fellas especially on wazua will go for it. They are marketing it to the wrong people.

Is calling it a facilitation fee a way of trying to avoid being called a shylock?

This product won't get very far with mama mbogas. That you can cash at CBA bank.

Wazua has some of the smartest chaps around.If they still dont know precisely how the loan is acquired and its terms,I wonder how they expect Wanjiku to fathom all this info.Secondly,with some saccos I know back at home which charge 5% interest on loans for members after 3 months,this will be a hard sell.Period!

Will stick to my credit card which has an interest charge of 3% per month.

Use the slide rule.