Safaricom Unveils Zero-Interest Kshs100,000 M-Pesa Loan
Safaricom Unveils Zero-Interest Kshs100,000 M-Pesa Loan. The zero-interest credit program for purchases of items up to Sh100,000 has now been made available by Safaricom after being previously prohibited by the financial regulator.
The credit service, known as Faraja, is anticipated to shake up the market for mobile loans, which has been dominated by goods like Fuliza, an M-Pesa-based mobile overdraft service.
More than 32 million Safaricom subscribers will be able to use the service to make credit-based purchases from merchants using Lipa Na M-pesa.
Customers would be able to make zero-interest purchases between Sh20,000 and Sh100,000 and finish the payment within 30 days.
“When a consumer wants to make a purchase but is currently short on cash, many firms miss out on those purchases. According to Peter Ndegwa, CEO of Safaricom, “We are happy to partner with EDOMx to offer Faraja, empowering any business to grow their sales by enabling their customers to buy now and pay later.”
Safaricom is the leading communication center in kenya. Safaricom has recently showed its mighty coverage till it has opened a branch in Ethiopia, recently launched.
Safaricom main advantageous option to its users has been M-Pesa where people can transfer and transact money convenient and anywhere. Also M-Pesa provides soft loans being through Mshwari, KCB Mpesa and recently launched Fuliza. Fuliza enables one to make a transaction with less money and pay later in the next deposit.