I wanted a way to save money without touching it, especially for a specific goal. That’s when I discovered the M-Shwari Lock Savings account, which helps you save and lock funds for a fixed period.
If you want disciplined saving, here’s how to open an M-Shwari Lock Savings account in Kenya.
Quick Answer
To open an M-Shwari Lock Savings account, go to M-Pesa → Loans and Savings → M-Shwari → Lock Savings, set your target and period, deposit funds, and activate the account.
What Is M-Shwari Lock Savings Account?
M-Shwari Lock Savings is a feature by Safaricom PLC that allows you to:
- Save money for a specific goal
- Lock funds for 1 to 6 months
- Earn interest on savings
👉 Key features:
- Minimum target: KSh 500
- No maximum limit
- Interest paid at maturity
M-Shwari Lock Savings Interest Rates
- KSh 1 – 20,000: 3% per year
- KSh 20,001 – 50,000: 5% per year
- Above KSh 50,000: 6% per year
👉 Minimum balance to earn interest: KSh 1,000
Step-by-Step: How to Open M-Shwari Lock Savings Account
Step 1: Open M-Pesa Menu
Go to your phone and open M-Pesa menu.
Step 2: Select Loans and Savings
Tap Loans and Savings.
Step 3: Select M-Shwari
Choose M-Shwari option.
Step 4: Select Lock Savings Account
Tap Lock Savings Account.
Step 5: Choose Open Account
Select Open Account.
Step 6: Select Funding Source
Choose:
- From M-Pesa
OR - From M-Shwari
Step 7: Set Target Amount and Period
Enter:
- Savings target
- Duration (1–6 months)
Step 8: Make First Deposit
Deposit funds to activate account.
Step 9: Receive Confirmation SMS
You will get a confirmation message.
How to Withdraw from M-Shwari Lock Savings
After Maturity
- Funds are available immediately
- You receive:
- Savings + interest
Before Maturity
- Withdrawal takes up to 48 hours
- You earn lower M-Shwari rates (not lock rates)
Extra Tips and Best Practices
- Set realistic savings goals
- Avoid early withdrawal to maximize interest
- Save regularly to reach target faster
- Use lock savings for specific goals
- Monitor progress through M-Pesa
Common Mistakes to Avoid
- Setting unrealistic targets
- Withdrawing before maturity
- Saving below KSh 1,000 (no interest)
- Forgetting maturity date
- Mixing savings with daily spending
FAQ
What is the minimum amount to open M-Shwari Lock Savings?
The minimum target is KSh 500.
How long can I lock my savings?
Between 1 and 6 months.
Can I withdraw before maturity?
Yes, but you lose lock savings interest benefits.
Conclusion
Opening an M-Shwari Lock Savings account in Kenya is a great way to build disciplined saving habits and earn interest. Just follow the steps and stick to your savings plan.
