M-KESHO

This is a banking service by both Equity and Safaricom where your money can earn interest from as little as Ksh1.  You can transfer cash from your Equity Account to your M-PESA account and also make deposits through your M-PESA account to your M-KESHO 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.  To open this account, you must be an M-PESA subscriber. 

Main features of the account include:

1) Micro-savings

Interest at the following rates paid half yearly:

• 0 – 2,000 – 0.5%
• 2,001 – 5,000 – 1%
• 5,001 – 10,000 – 2%
• 10,001 and above – 3%
• No minimum balance
• No ledger fees; neither notice nor penalties on withdrawal.
• Maximum transaction value – Ksh35,000. We are following up with CBK on revision of maximum transaction limits.
• Mini-statement with a maximum of 5 transactions
• Balance enquiry available 

2) Micro-Credit

• Ksh100 – Ksh 5000
• Application fee (LACE) 10% but at a minimum charge of Ksh20.
• Advance period – maximum 30 days
• Default interest penalty – 3% of value
• Recovery from next deposit
• Credit transferred from M-KESHO into M-PESA e- value 

3) Micro-insurance Product – Personal Accident related

Annual premium:

• Ksh530 if annual
• Ksh830 if monthly
• Ksh1030 if paid weekly
• Accidental Death cover: Ksh150,000
• Permanent Disability: Ksh150,000
• Medical expenses: Ksh30,000
• Funeral expenses: Ksh20,000
• Payable only from C4 account
• After 1 year it is upgradable to full Life Insurance