Safaricom offers various loan products through its Mpesa platform, in partnership with financial institutions and service providers. Below is a detailed list of the loan products available:
1. Mshwari
- Overview: A savings and loan service provided in partnership with Commercial Bank of Africa (CBA).
- Loan Range: Kshs 1,000 – 1,000,000.
- Repayment Period: 30 days.
- Charges:
- Loan fee: 7.5%.
- Excise duty: 1.5% (deducted from the loan amount).
- Features: Instant loan disbursal to Mpesa account.
2. KCB Mpesa
- Overview: A savings and loan service offered in partnership with KCB Bank.
- Loan Range: Kshs 1,000 – 1,000,000.
- Repayment Period: 30 days.
- Charges:
- Facility fee: 8.64%.
- Loan fee: 7.35%.
- Excise duty: 1.29%.
- Features: Instant access to funds via Mpesa.
3. Fuliza
- Overview: A continuous overdraft service allowing Mpesa users to complete transactions even with insufficient funds.
- Features:
- Automatic overdraft for Mpesa transactions.
- Charges based on the amount and duration of overdraft usage.
4. Halal Pesa
- Overview: A Shariah-compliant digital financing product in partnership with Gulf African Bank.
- Target Audience: Muslim customers seeking loans adhering to Shariah law.
- Features: Ethical financing without interest.
5. Bloom Finance
- Overview: A credit facility for Lipa na Mpesa Buy Goods partners.
- Loan Range: Kshs 5,000 – 150,000.
- Purpose:
- Sales expansion.
- Stock financing.
- Business operations.
- Features: Access to credit tailored for small business growth.
6. Mpesa Fanikiwa
- Overview: A trial loan product offered to a selected group of users.
- Loan Range: Kshs 100 – 10,000.
- Repayment Period: 30 days.
- Interest Rate: 5%.
- Features:
- Trial period for 3 months.
- Once successful, the product will officially launch.
7. Faraja Loan
- Overview: Point-of-sale credit for buying goods and services at partner outlets.
- Loan Range: Kshs 20 – 100,000.
- Interest Rate: 0% (normal Mpesa transaction fees apply).
- Repayment Period: 7 or 30 days.
- Features:
- Buy now and pay later service.
- Applicable at selected merchants.
These loan products provide flexible financial solutions for individuals and businesses, catering to diverse needs across Kenya.