M-Shwari allows you to own and operate a savings account on your phone. The savings account is available to all M-PESA users who activate MShwari accountt on their phone.
HOW TO ACTIVATE M-Shwari:

On M-PESA menu select ‘My Account’
Select ‘Update Menu’
Wait for the menu to update
Go back to M-PESA menu
Select M-Shwari Read and accept the terms and conditions.
You will then receive an SMS confirming your activation.

HOW TO DEPOSIT MONEY FROM M-PESA TO MSHWARI:

Go to ‘M-PESA’ menu and select ‘M-Shwari.
Select ‘Send to Bank.
Enter PIN.
Confirm the message displayed “send money to bank Kshs 2000″ …

1. M-Banking Via Safaricom
Below is how to use KCB’s M-Banking service to transfer funds from M-PESA to your KCB Bank account:
M-Pesa to KCB funds transfer:
Anyone can deposit money to any KCB from M-Pesa:-
+ Go to Safaricom M-Pesa menu
+ Select Pay Bill
+ Enter KCB Business Number 522522
+ Enter KCB Account Number
+ Enter Amount
2. M-Banking via Airtel:
KCB Connect Airtel® Codes:
Airtel® users can SMS the codes below to 5221 for KCB Connect services:-
- BA0011223344P1234 – For Balance equiry
- MS0011223344P1234 – For Mini statement
- CB0011223344P1234 – For Cheque Book requests
- PC0011223344O1234N4321 – For Change …

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 customer needs to be registered for M-Pesa and have an account with the participating banks and physically register for the Mobile banking with them.
The banks use USSD and the following codes are used:
KCB Bank
*522#
NIC Bank
*488#
Cooperative Bank
*667#