Safaricom Locks M-Shwari Balances To Recover Defaulted Loans
Safaricom, top Kenya’s telecommunications company has locked M-Shwari Balances to recover defaulted loans taken from their old SIM cards.
The telecommunications company has made it public that no loan defaulter will run away from repaying the loans they have borrowed.
According to the company, the move was an initiative taken by NCBA bank to recover the defaulted loans. This sparked debate among Kenyans, with some sharing their loan balances and the locked M-Shwari savings.
Safaricom Locks M-Shwari Balances To Recover Defaulted Loans
The affected people have taken it to social media to lament after their accounts were locked.
For instance, a man in social media lamented after Safaricom freed over KSh 2k in His M-Shwari for Defaulted Loan on Old SIM Card.
The man is said to have defaulted on an M-Shwari loan taken on his old SIM card for over four years.
The locked accounts can only be unlocked once the affected individuals clear the loans.
The company has announced that all loan defaulters will have their accounts frozen until thy clear the outstanding loans.
Safaricom Locks M-Shwari Balances To Recover Defaulted Loans
Customers have been warned to clear the loans on their old SIM cards within seven days or their M-Shwari savings be used to clear the loan.
“Dear Customer, we have placed a lock of KSh 2,299.79 on your M-Shwari Savings Account owing to a defaulted M-Shwari loan of KSh 2,299.79. The loan was taken on 2019-11-25 from your old line 254712653641. We wish to issue you a seven-day notice to settle the loan, otherwise we shall utilize the locked funds to repay the loan,” read the SMS in part sent to the affected person.
The company noted that NCBA bank took the initiative to recover defaulted M-Shwari loans from old SIM cards.
“The bank is in the process of recovering defaulted Mshwari loans from old lines. Kindly repay, or the bank will recover the money within 7 days,” said Safaricom Customer Care.
Safaricom telecommunications company has been taking various measures to recover bad loan on its financial products.
Safaricom Locks M-Shwari Balances To Recover Defaulted Loans
Some Kenyans who opened up about their loan balances and the amount Safaricom has locked in their M-Shwari savings threatening to sue the company or opt for another banking service provider.
