This is a list of Safaricom Mpesa loan products in Kenya. Safaricom is the leading communication company in Kenya with the widest network coverage, best data, voice & SMS network, affordable prepaid and postpaid services.
In partnership with other organisations and financial institutions, Safaricom offers various loan products through its mobile money transfer platform, Mpesa.
Here is a list of all Safaricom Mpesa loan products in Kenya.
Mshwari is a savings and loan service that enables Mpesa customers to access loans instantly, 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. Charges include loan fees of 7.5% and 1.5% excise duty which is deducted from the loan amount to be sent to Mpesa.
2. KCB Mpesa
KCB Mpesa is a savings and loan service that enables Mpesa customers to access loans instantly, 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.
A facility fee of 8.64% is charged, loan fees of 7.35% and 1.29% excise duty.
Fuliza is a continuous overdraft service that allows Safaricom’s Mpesa customers to complete their Mpesa transactions even when they don’t have enough funds in their Mpesa account.
4. Halal Pesa
Halal Pesa is the first Shariah-compliant, digital financing product powered by Mpesa in partnership with Gulf African Bank. It was designed to cater for Muslim customers who stay out of other lending products since they don’t adhere to Shariah law.
5. Bloom Finance
Safaricom has partnered with a financial service provider to offer a credit facility between Kshs 5,000- 150,000 for Lipa na Mpesa Buy Goods partners.
This facility enables Lipa na Mpesa Buy Goods partners to access credit for sales expansion, stock financing and funds for business operations.
6. Mpesa Fanikiwa
Mpesa Fanikiwa is a loan product that was recently launched by Safaricom on a trial basis. One can borrow Kshs 100- 10,000 at an interest rate of 5% over 30 days.
The facility is still on a trial basis for 3 months. Those eligible were handpicked by Safaricom for the trial basis period. Once successful, Safaricom will officially launch it.
7. Faraja Loan
Faraja Loan is a point-of-sale credit that allows you to buy goods & services and also pay bills from partner outlets at 0% interest. Only normal Mpesa transaction charges will apply at the point of sale of the product.
It works on selected merchants and allows customers to shop for goods or items from Kshs 20- 100,000 and pay later. It has a 30-day and 7-day loan term.