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Meet M-Shwari from Safaricom!!!!
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Impunity
#91 Posted : Wednesday, November 28, 2012 10:20:08 PM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
rock wrote:
Caveman wrote:
Elder wrote:
2012 wrote:
How will they deal with defaulters because I can see more defaults than anything else. A loan of 100k to be pain at 7.5% in 30 days spells M-shauri yao.

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

In my opinion, Safaricom considered all these before going commercial on the product. Very few people will be eligible for a loan exceeding Ksh. 1,000.
Vetting process is strict.They are encouraging people to use their banking system.


I know a few wazuans who will never get anything more than 1,000 in loan; the ones whose bank accounts red KES 3 five days after the salary has been credited into their accounts; one of them is the starter of the furahiday post.
He will be surprised to the bone and he will come back here badmouthing M-shura!
Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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PROMANETT
#92 Posted : Wednesday, November 28, 2012 10:24:40 PM
Rank: New-farer

Joined: 1/25/2012
Posts: 15

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!!
Wealth, like happiness, is never attained when sought after directly. It comes as a by-product of providing a useful service - Henry Ford
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mawinder
#93 Posted : Thursday, November 29, 2012 7:51:53 AM
Rank: Elder

Joined: 4/30/2008
Posts: 6,029
Impunity wrote:
rock wrote:
Caveman wrote:
Elder wrote:
2012 wrote:
How will they deal with defaulters because I can see more defaults than anything else. A loan of 100k to be pain at 7.5% in 30 days spells M-shauri yao.

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

In my opinion, Safaricom considered all these before going commercial on the product. Very few people will be eligible for a loan exceeding Ksh. 1,000.
Vetting process is strict.They are encouraging people to use their banking system.


I know a few wazuans who will never get anything more than 1,000 in loan; the ones whose bank accounts red KES 3 five days after the salary has been credited into their accounts; one of them is the starter of the furahiday post.
He will be surprised to the bone and he will come back here badmouthing M-shura!
Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly

@Impunity,how would you know?are you the barman in Kibera and the fellow has been avoiding your local?wait for him next week.
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alma
#94 Posted : Thursday, November 29, 2012 8:09:36 AM
Rank: Elder

Joined: 7/20/2007
Posts: 4,432
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.
Jose: If I make it through this thug life, I'll see you one day. The Lord is the only way to stop the hurt.
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Money Whisperer
#95 Posted : Thursday, November 29, 2012 8:17:44 AM
Rank: Member

Joined: 8/7/2010
Posts: 728
Location: Wazuaville
Obi 1 Kanobi wrote:
@7.5% per month, Safcom has now officially entered the shylock business.

Applause Exactly! This product will hurt shylocks and credit cards not mainstream banks' and MFI's loan products.
"Money never sleeps"
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S.Mutaga III
#96 Posted : Thursday, November 29, 2012 8:19:26 AM
Rank: Member

Joined: 3/26/2012
Posts: 830
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!
A successful man is not he who gets the best, it is he who makes the best from what he gets.
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FancyFace
#97 Posted : Thursday, November 29, 2012 9:24:29 AM
Rank: Member

Joined: 7/31/2009
Posts: 743
Elder wrote:
2012 wrote:
How will they deal with defaulters because I can see more defaults than anything else. A loan of 100k to be pain at 7.5% in 30 days spells M-shauri yao.

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

my calculator cannot even do the math for this giving me an error smile

Problems can get out of proportion, and not only in the wee small hours. Don't let the problems eclipse the Master. Let the Master eclipse the problems.
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mawinder
#98 Posted : Thursday, November 29, 2012 9:33:46 AM
Rank: Elder

Joined: 4/30/2008
Posts: 6,029
Will stick to my credit card which has an interest charge of 3% per month.
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McReggae
#99 Posted : Thursday, November 29, 2012 10:13:55 AM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
mawinder wrote:
Impunity wrote:
rock wrote:
Caveman wrote:
Elder wrote:
2012 wrote:
How will they deal with defaulters because I can see more defaults than anything else. A loan of 100k to be pain at 7.5% in 30 days spells M-shauri yao.

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

In my opinion, Safaricom considered all these before going commercial on the product. Very few people will be eligible for a loan exceeding Ksh. 1,000.
Vetting process is strict.They are encouraging people to use their banking system.


I know a few wazuans who will never get anything more than 1,000 in loan; the ones whose bank accounts red KES 3 five days after the salary has been credited into their accounts; one of them is the starter of the furahiday post.
He will be surprised to the bone and he will come back here badmouthing M-shura!
Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly

@Impunity,how would you know?are you the barman in Kibera and the fellow has been avoiding your local?wait for him next week.


Meet the sufferers who think all are sufferers.....you wish you could roll ma style dawg!!!!
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Impunity
#100 Posted : Thursday, November 29, 2012 10:17:57 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
FancyFace wrote:
Elder wrote:
2012 wrote:
How will they deal with defaulters because I can see more defaults than anything else. A loan of 100k to be pain at 7.5% in 30 days spells M-shauri yao.

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

my calculator cannot even do the math for this giving me an error smile


Use the slide rule.
smile smile smile
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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