Safaricom and EDOMx have collaborated to introduce Faraja, a solution that will allow more than 32 million people to purchase on credit from businesses utilizing Lipa Na M-PESA.
If you use Faraja, you may buy anything between KSh. 20 and KSh. 100,000 and pay it off in 30 days with no interest.
According to CEO of EDOMx, Julian Kyula, “In researching the global merchant and consumer industry, it was evident there is a substantial digital community that will appreciate our product offering, including our zero interest initiative, plus much more in enhancing loyalty and customer-focused programs.
“We start in Kenya, but our sights are set on the international market, as we believe that innovative ideas like Faraja will do much to spur innovation in the digital financial industry, helping to achieve inclusiveness aims and promote genuine sector development.”
“There’s no denying that the international digital financial frontier is evolving, and we’re certain that Kenya’s culture of digital innovation has much to offer the rest of the world. We have only just begun to introduce the many benefits of membership in the Faraja Community to our members. We care about conducting business in a manner that is compatible with our principles as much as we value the well-being of our consumers and the success of the companies of our partners.”
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You can purchase items simultaneously under Faraja
To enrol in Faraja or make a payment, customers can dial *799# at merchants that support the service, or they can download the Faraja mini-app via the M-PESA Super App. In addition, Faraja allows users to make numerous purchases at once under their predetermined credit limitations.
Commenting on the company’s decision to join with EDOMx to provide the company’s clients with the “buy now, pay later” service Faraj, Peter Ndegwa, CEO of Safaricom said, “We continue to innovate M-PESA to provide business owners to utilise various tools and solutions to run their businesses more effectively and to more rapidly develop their businesses. When a potential consumer wants to make a purchase but can’t because they don’t have the cash on hand, the firm loses out on a transaction.
With the introduction of fresh innovation, the firm seeks to provide a solution to these challenges by allowing consumers to make purchases at the moment of need and pay for them at a later date, Faraja hopes to help company owners increase sales and expand their operations.
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EDOMx will offer the Faraja service to more businesses
To join Faraja, Lipa Na M-PESA businesses could simply visit the Faraja website at farajacredit.com or get in touch with EDOMx. Any Lipa Na M-PESA outlet that also provides Faraja may be used by customers. All Naivas stores, Goodlife Pharmacy, City Walk, and other retailers now provide the service.
The instant a consumer pays with Faraja, the business will get complete payment for the purchased item or service.
At a negotiated facility charge paid by the firm, Safaricom will make it possible for EDOMx to provide the Faraja service to more than 606,000 enterprises using Lipa Na M-PESA. Businesses may get money as soon as a consumer makes a purchase on Faraja owing to the credit EDOMx provides via the solution.