Safaricom Mpesa Loan Products In Kenya

This article is about Safaricom Mpesa loan products in Kenya. Safaricom is Kenya’s leading telecommunications company with the largest network coverage, best data, voice and SMS networks, prepaid and prepaid services.

In collaboration with other companies and financial institutions, Safaricom offers various loan products through its mobile money transfer platform, Mpesa.

Safaricom Mpesa Loan Products In Kenya

These are some of the Safaricom Mpesa loan products in Kenya.

1. Mshwari

Mshwari is a savings and loan service that offers Mpesa customers instant loans, credited to your Mpesa account from a minimum of Kshs 1,000 and up to Kshs 1,000,000.

The repayment period for Mshwari loans is 30 days.

The fee includes a loan fee of 7.5% and a credit fee of 1.5% which is deducted from the loan amount to be remitted to Mpesa.

2. KCB Mpesa

KCB Mpesa is a savings and loan service that offers Mpesa customers instant loans, credited to your Mpesa account from a minimum of Kshs 1,000 and up to Kshs 1,000,000, with a repayment period of 30 days.

There is a service fee of 8.64%, a loan fee of 7.35% and a loan fee of 1.29%.

3. Fuliza

Fuliza is a continuous transfer service that enables Safaricom’s Mpesa customers to conduct their Mpesa transactions even when they do not have enough funds in their Mpesa accounts.

4. Halal Pesa

Halal Pesa is the first Sharia-compliant digital financial product developed by Mpesa in partnership with Gulf African Bank.

It is designed to cater to Muslim customers who reject other loan products because they do not comply with Sharia law.

5. Bloom Finance

Safaricom has partnered with a financial services provider to provide corporate credit between Kshs 5,000 and 150,000 to Lipa and Mpesa Buy Products partners.

The company offers Lipa and Mpesa Buy Goods partners access to credit for market expansion, investment and financing for business operations.

6. Mpesa Fanikiwa

Mpesa Fanikiwa is a loan product recently launched by Safaricom on a trial basis.

A person can borrow 100 to 10,000 Kshs at an interest rate of 5% for 30 days. Installation is still on trial for 3 months.

Safaricom has selected eligible candidates for the trial period.

Once successful, Safaricom will launch it publicly.

7. Faraja Loan

Faraja Loan is a retail loan that allows you to buy goods and services and pay off debt from partner stores at 0% interest.

Only normal Mpesa transaction fees will apply at the point of sale of the product.

It works with select customers and allows customers to buy products or items between Ksh 20-100,000 and pay later.

It has a loan period of 30 days and 7 days.