In today’s article, we will continue with our series discussing instant loans in Kenya. Our primary focus today is instant Safaricom M-Pesa loans in Kenya.
Safaricom is a leading telecommunications company in Kenya. Kenya has the most comprehensive and robust coverage all over the country.
Safaricom has been in operation in Kenya for more than 19 years. As a result, it has come up with various financial services for its customers.
Let’s now discuss the various instant Safaricom M-Pesa loans below in detail.
List of instant Safaricom M-Pesa Loans
1. M-Shwari
M-Shwari is more than an instant Safaricom M-Pesa loan. It is more of a fluid bank in your pocket. Through M-Shwari, you can save and earn interest, lock your savings, and access microloans.
For this article, we will focus more on the microloan service offered by M-Shwari.
The M-Shwari loan is the most easily accessible mobile loan in Kenya. All you will need to access this loan is to have been a Safaricom M-Pesa user for more than six months.
Moreover, one can borrow from as little as KES 100 to KES 50,000. No matter what your emergency is, M-Shwari got you covered.
The interest rate is 7.5% for a repayment period of 30 days. Remember, to increase your loan limit,t you have to be an active M-Pesaands M-Shwari user.
2. KCB M-Pesa
Another way to access an instant Safaricom M-Pesa loan is through the KCB M-Pesa account.
The Kenya Commercial Bank, in partnership with M-Pesa, offers soft loans to M-Pesa users. All you need to access this loan is an active M-Pesa usage for the past six months.
More to this is that this instant loan facility does not have limited access to KCB account holders only. It is available to each one of us.
Like M-Shwari, one can access between KES 100 to 50,000 at an interest rate of 7.5% over one month.
If you have been stuck and need financial help, try out KCB M-Pesa today.
3. Bloom Finance
Bloom finance is an instant loan provided to buy goods merchants who receive payments through Lipa na M-Pesa facility.
One must be a goods merchant to be eligible for this instant Safaricom M-Pesa loan.
To register for this business loan:
- Dial *234*4#
- Select M-Pesa bloom
- Add your store number
- Accept the terms and conditions
- Once this is done, you have now officially opted in bloom service
- Your loan limit is determined by monitoring your Lipa na M-Pesa till activity. Moreover, one can check their loan limit by dialling *234*4#.
- There are two repayment periods provided for Bloom Loan. A 7 days repayment period attracts a 2% interest rate, and a 30-day loan is charged a 7% interest rate.
Like any other loan facility, failure to repay on time will result in you being blacklisted at the CRB.
Feel free to contact Safaricom in case you need any further clarification through
Phone:
Merchant:2222
Agent: 2134
Email: [email protected]
4. M-Pesa Fanikiwa
Recently, M-Pesa launched a new loan product service on a trial basis to its customers. One can borrow between KES 100 and KES 10,000 at an interest rate of 5% over 30 days.
Therefore, this trial loan facility is slightly cheaper than M-Shwari and KCB M-Pesa. For this initial pilot phase, the people eligible for this loan facility have been handpicked by Safaricom.
Therefore, by default, if you have not been selected, you are not eligible for this loan. This pilot project is meant to run for three months, and its fate will be determined.
In all other aspects apart from the interest rate, this loan works the same way as M-Shwari. Therefore if you already have an existing M-Pesa Fanikiwa loan, you are not eligible for another one.
5. Fuliza M-Pesa
Fuliza is another instant Safaricom M-pesa loan facility in Kenya. This is mostly an overdraft facility that allows you to complete your M-Pesa transactions even with insufficient funds.
However, to access this facility, one has to be registered. Dial *234# to opt into Fuliza.
One is not limited to the number of times they have to Fuliza as long as they operate within their limit.
One can access only KES 1, while the maximum is KES 70,000. Therefore, do not let a low M-Pesa balance limit you from making that transaction; just Fuliza!
Interested to know more about loans? Check out Where to Get Quick Loans in Kenya in 2024