NAIROBI, Kenya, July 28 – Safaricom customers can now purchase goods interest-free in a partnership with EDOMx, a digital financial company.
Under Faraja, buyers can access credits from Sh20 to Sh100,000 through the M-Pesa app.
Credit repayment, however, will lapse after the end of 30 days after the taking of the initial loan.
Safaricom CEO Peter Ndegwa said that the facility will boost small businesses that lose customers who are willing to purchase but lack money.
“We continue to innovate M-PESA to empower business owners with different tools and solutions to run their businesses better and to faster grow their firms,” said Ndegwa.
Faraja, which is owned by EDOMx, is a partnership between Equity Bank and Safaricom.
“There is no doubt the global digital financial frontier is shifting, and we believe that we have much to offer the world from our Kenyan digital innovation culture,” EDOMx CEO Julian Kyula agreed.
“We are just getting started, there is much more in the pipeline that enables everyone into the Faraja Community to enjoy what we have to offer.”
The service will be available through a USSD code as well as the M-Pesa Supa Mini app.
In addition, customers can purchase multiple items simultaneously under Faraja as long as they are within their assigned credit limits.
