The following is a list of Safaricom Mpesa loan products available in Kenya. Safaricom is Kenya’s largest communication business, with the most extensive network coverage, the greatest internet, voice, and SMS network, and the most economical prepaid and postpaid services.
Safaricom, in collaboration with other organizations and financial institutions, offers a variety of Safaricom Mpesa loan products via its mobile money transfer network, Mpesa.
Safaricom Mpesa Loan Products In Kenya
1. Mshwari
Mshwari is a savings and lending service that allows Mpesa members to receive loans instantaneously, with amounts ranging from Kshs 1,000 to Kshs 1,000,000.
Mshwari loans have a 30-day repayment period. Loan costs of 7.5% and excise charge of 1.5% are deducted from the loan amount to be remitted to Mpesa.
2. KCB Mpesa
KCB Mpesa is a savings and lending service that allows Mpesa clients to receive loans instantaneously, with a minimum of Kshs 1,000 and a maximum of Kshs 1,000,000, and a repayment period of 30 days.
The facility cost is 8.64%, the loan fee is 7.35%, and the excise duty is 1.29%.
3. Fuliza
Fuliza is a continuous overdraft service that enables Safaricom Mpesa clients to conduct Mpesa transactions even when there is insufficient money in their Mpesa account.
4. Pesa Halal
Halal Pesa is Mpesa’s first Shariah-compliant digital financing solution, developed in collaboration with Gulf African Bank. It was created to serve Muslim customers who are turned off by other loan products because they do not adhere to Shariah law.
5. Bloom Finance
Safaricom has partnered with a financial services provider to provide Lipa na Mpesa Buy Goods partners with a credit facility ranging from Kshs 5,000 to Kshs 150,000.
This facility allows Lipa na Mpesa Buy Goods partners to obtain loans for sales expansion, stock finance, and business operations funding.
6. Mpesa Fanikiwa
Safaricom has lately launched a trial version of Mpesa Fanikiwa, a loan product. Over a 30-day period, one can borrow Kshs 100-10,000 at a 5% interest rate.
The facility is still on trial and Safaricom hand-picked those who qualified for the trial period. Safaricom will officially launch it if it is successful.
Read also, List of SMEP Microfinance Loan Products and Contacts
7. Faraja Loan
Faraja Loan is a 0% interest point-of-sale credit card that allows you to buy goods and services as well as pay bills from partner retailers. At the point of sale, just standard Mpesa transaction fees will apply.
It is available at select shops and allows customers to purchase goods or items ranging from Kshs 20 to 100,000 and pay later. It has lending terms of 30 days and 7 days.
