Safaricom announced enhanced business credit options by extending its offerings to micro, small, and medium-sized enterprises. The initiative seeks to close credit gaps for MSMEs while providing loan terms and repayment flexibility and convenience.
In a Saturday post on social media, Safaricom stated, “At the heart of the M-PESA Business Credit launch is one mission: to empower micro, small, and medium-sized enterprises (MSMEs) with access to affordable credit.”
Safaricom’s commitment to promote financial inclusion
Safaricom’s dedication to promoting financial inclusion for Kenyan businesses is in line with the initiative. Businesses will be able to obtain credit through the Fuliza Biashara overdraft facility and the “Taasi Till” term loan. Short-term credit from Taasi Till, a business credit, can range from Kshs 1,500 to Kshs 250,000, contingent on eligibility.
“With solutions like Taasi Till, Taasi Pochi, and Fuliza Biashara, we’re bridging the credit gap and creating a financially inclusive future for all businesses. From flexible loans to overdraft solutions, we’re giving entrepreneurs the tools they need to scale their businesses and achieve their dreams,” Safaricom added.
How to access Safaricom’s credit facilities
Subscribers can access the credit option through the M-PESA App, USSD *234# or USSD *334#.
Lipa na M-PESA merchants can take out multiple overdrafts through Fuliza Biashara, with the maximum amount being Kshs 400,000 and the minimum being Kshs 1000. As part of the redesign, merchants will now have the flexibility to pay back their overdrafts whenever cash flows through the till, ensuring business continuity. USSD *234# or the M-PESA Business App are the ways to access the credit solutions.
Through the M-PESA App or USSD *334*8#, “Taasi Pochi” provides credit for businesses using Pochi la Biashara, ranging from KES 1,000 to Kshs 250,000. This credit is instantly available on the Pochi wallet.
In order to receive credit for “Taasi” and Fuliza Biashara, merchants need to have had their Pochi wallets or tills operational for longer than six months. Funds are immediately transferred to the user’s M-PESA wallet upon approval, with adjustable repayment terms ranging from 14 to 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.
Credit is essential to a company’s ability to operate and finance important investments that promote expansion. In order to create a resilient and financially sound Kenya, M-PESA continues to provide businesses and individuals with easy, secure, and convenient financial services tools.
Safaricom and its partners aim to promote financial inclusivity and open doors by giving Kenyan entrepreneurs, particularly those operating in the informal sector, greater access to reasonably priced credit.
Safaricom brings 4G/5G network closer to customers with Quickmart’s partnership
In related news, on May 14, Safaricom announced its partnership with top retailer Quickmart to bring its 4G and 5G home internet solutions closer to consumers. The aim is to improve accessibility and convenience for homes looking for dependable and fast connectivity.
To enhance the customer experience, Safaricom has also implemented self-service router activation, which makes it simpler for clients to configure their routers after making a purchase. Customers can now register their SIM card, activate their account, buy a package, and start using the internet by simply scanning a QR code.
“In line with our purpose of transforming lives, we are continuously innovating to provide our customers with the best connectivity solutions. This partnership will ensure that more Kenyans can access reliable home internet with ease, reinforcing our promise of seamless connectivity and great value,” said Fawzia Ali, Chief Consumer Business Officer, Safaricom PLC.
Convenience for customers
Through the partnership with Quickmart, which has 61 locations nationwide, customers will be able to easily buy 4G or 5G routers in nearby locations, enabling them to enjoy seamless and worry-free home internet.
“We are excited to collaborate with Safaricom to offer our customers easy access to high-speed internet solutions. This partnership aligns with our goal to provide convenience and value to Kenyans by making essential services readily available at our stores,” said J. Thuku, Quickmart, CCO.
Customers can purchase 4G/5G routers from Safaricom retail shop, dealers
Customers can also buy the 4G and 5G routers, which retail for KES 2,999 each, at authorised Safaricom dealers, Safaricom Retail Shops, and online at Masoko.co.ke, in addition to Quickmart stores. There are plans to collaborate with additional retailers nationwide.
Safaricom’s 4G and 5G home internet solutions allow customers in areas without fibre coverage to enjoy seamless internet connectivity in their homes. Safaricom’s 4G network covers over 97 percent of Kenya’s population, and its expanding 5G network is now available in all 47 counties.
To improve the experience, Safaricom has been expanding its fibre network capacity, upgrading Home Fibre speeds at no additional cost, and holding home service clinics across the country in response to the growing demand for home internet.
As the technology company prepares to celebrate 25 years of operations in the market, these initiatives are part of its efforts to engage with partners and customers.