Introducing M-Kesho, an initiative by Equity bank and Safaricom Ltd
What is the M-KESHO?
This is a bank account introduced by both Equity and Safaricom where customers can earn interest from as little as Kshs 1. Customers can withdraw cash from their Equity Bank Account to their M-PESA accounts and customers can also deposit through their M-PESA accounts to their M-KESHO Bank account
Other features of the account include Micro credit facilities (emergency credit availed through M-PESA), Micro insurance facilities as well as a personal accident cover that translates into a full cover after 1 year. For one to open this account, the person must be an M-PESA subscriber.
Main features of M-Kesho:
1. Micro-savings:
- Interest at the following rates paid half yearly:
- No minimum balance
- No ledger fees
- Neither notice nor penalties on withdrawal.
- Max value/trx – Kshs 35,000. Currently following up with CBK on revision of maximum trx limits.
- Mini statement (max 5 transactions)
- Balance enquiry available
+ 0 – 2,000 – 0.5%
+ 2,001 – 5,000 – 1%
+ 5,001 – 10,000 – 2%
+ 10,001 and above – 3%
2. Micro-Credit
o Ksh 100 – Ksh 5000
o Application fee (LACE) 10% but at a min charge of Ksh 20.
o Advance period – max 30 days
o Default interest penalty 3% of value.
o Recovery from next deposit
o Credit transferred from M-KESHO into M-PESA e value
3. Micro-insurance Product – Personal Accident related
- Annual premium:
- Kshs 530 if annual
- Ksh 830 if monthly
- Ksh 1030 if paid weekly
- Accidental Death cover: Kshs 150,000
- Permanent Disability: Kshs 150,000
- Medical expenses: Kshs 30,000
- Funeral expenses: Kshs 20,000
- Payable only from C4 account
- After 1 year it is upgradable to full life insurance
What you need to access this account:
- You need a mobile phone
- You need to be a registered M-PESA user
- You will need to fill an application form at selected outlets
Requirements for opening the account:
- Fill an application form
- Produce your original ID and a copy of your ID (Passports and other forms of identification will not be allowed to open the M-KESHO account)
- 2 passport size photos
Depositing money into M-KESHO:
- Equity account holders can transfer money into their M-KESHO from their normal accounts.
- You can also transfer money to your M-KESHO through M-PESA
- You will not be able to transfer money to your M-KESHO through the tellers/Cashiers
Contacts for M-PESA and EQUITY:
- Call Equity +254-711-025000
- Send an E-mail to mpesa@ equitybank.co.ke
