It’s barely a month since the M-Shwari smart loan was introduced into the market; this union between Safaricom and Commercial Bank of Africa is slowly breaking traditional financial rules that banks have set. For example, one can get loan of as low as Ksh.100 from M-shwari as well as save Ksh.1. now the same platform is now enabling Kenyans to get smartphones, the platform is called ‘smart loan’.

With this any person can get a smartphone, but it all depends on how much the user uses the account, so if the account is more active then chances of getting a costly smartphone option is high.

So to get this smart loan, first one has to

1. Perform an eligibility check which will inform them if they qualify for the loan and the smart phone they can purchase;

2. Visit a Safaricom Shop to select the smart phone of their choice;

3. Pay 30 percent of the device amount as a down payment;

4. Apply for the loan and immediately purchase the smart phone. Customers who regularly save on M-Shwari, take and repay their M-Shwari loans on time will stand a higher chance of qualifying for the smart loan.

With a deal as good as this one can be tempted to think that it will be possible for on to avoid the payment after they have been given the phone, but this is not the case because  all defaulters will be charged Ksh. 200. I f the defaulters still do not pay they risk  being cut off from the system; in that the user will not be able to make calls, send SMSs, use bundles and if the defaulter does not pay after this the phone will be disabled completely.

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