Safaricom has announced that it has expanded it loans products on its M-PESA platform to more businesses that include SMEs.
Businesses will have access to credit through an overdraft facility, Fuliza Biashara and a Term loan Taasi Till. Taasi Till is a business loan that offers short-term loans that range between Ksh. 1,500 to Ksh. 250,000 depending on eligibility.
Through Fuliza Biashara, Lipa na M-PESA Merchants can access multiple loans from a minimum of Ksh. 1000 to Ksh. 400,000 based on their limit. Merchants will now be able to repay their loans recovered when there’s inflow on the till to allow business continuity. The loans are available through the M-PESA Business App or USSD *234#.
For businesses using Pochi la Biashara, Taasi Pochi offers loans ranging from Ksh. 1,000 to Ksh. 250,000, available immediately on the Pochi wallet via the M-PESA App or USSD *334*8#.
The new expansion of the loan products to businesses is powered by KCB Group, Sidian Bank and DTB.
To be eligible for credit for Taasi and Fuliza Biashara, merchants must have had active tills or Pochi wallets for more than six months. After approval, funds are deposited directly into the user’s M-PESA wallet with flexible repayments periods of between 14 and 30 days.
“Businesses play a pivotal role in Kenya’s economy and make a significant impact in our communities. Leveraging the power of technology Taasi, will offer convenience and access to credit for MSMEs, allowing them to focus on scaling their businesses,” said Dr. Peter Ndegwa, Group CEO, Safaricom PLC.