M-KESHO is a bank account introduced by both Equity and Safaricom where customers can earn interest from as little as Ksh1. 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 M-KESHO 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 the M-KESHO account include:
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.
- Max value/trx – Ksh35,000. Currently following up with CBK on revision of maximum trx limits.
- Mini statement (max 5 transactions)
- Balance enquiry available
- Ksh100 – Ksh 5000
- Application fee (LACE) 10% but at a min charge of Ksh20.
- Advance period – max 30 days
- Default interest penalty 3% of value.
- Recovery from next deposit
- Credit transferred from M-KESHO into M-PESA e value
M-KESHO Micro-insurance Product – Personal Accident related
- 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