By Aoma Keziah,
Safaricom has unveiled improved credit solutions for businesses by expanding it to micro small and medium businesses. The new credit offerings include Fuliza Biashara and a short-term loan product known as Taasi Till, aiming to address credit gaps for MSMEs while offering convenience and flexibility on repayments and loan terms.
Speaking during the official launch at the Michael Joseph Center in Nairobi, Safaricom CEO Dr. Peter Ndegwa emphasized the company’s commitment to supporting businesses as a backbone of the Kenyan economy.
“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,” he said.
The initiative aligns with the company’s commitment to driving financial inclusion for businesses across Kenya. Businesses will have access to credit through an overdraft facility, Fuliza Biashara and a Term loan ‘Taasi Till’, a business credit that offers short-term credit ranging between Kshs 1,500 to Kshs 250,000 depending on eligibility.
Esther Waititu, Chief Financial Services Officer at Safaricom, noted that the solutions were developed after extensive engagement with business owners and entrepreneurs.
“We understand the real world challenges that MSMEs face when it comes to accessing affordable and timely credit. These products are tailored to meet their needs in a simple, accessible way,” she explained.
Through Fuliza Biashara, Lipa na M-PESA Merchants can draw multiple overdrafts from a minimum of Kshs 1000 to Kshs 400,000 based on their assigned limit, and part of the revamp, they will now be able to repay their overdraft flexibly recovered when there’s inflow on the till to allow business continuity. The credit solutions are available via the M-PESA Business App or USSD *234#.
For businesses using Pochi la Biashara, ‘Taasi Pochi’ offers credit ranging from KES 1,000 to Kshs 250,000, available immediately on the Pochi wallet via the M-PESA App or USSD *334*8#.
To be eligible for credit for ‘Taasi’ and Fuliza Biashara, merchants must have had active tills or Pochi wallets for more than six months. Upon approval, funds are deposited directly into the user’s M-PESA wallet with flexible repayments periods of between 14 and 30 days.
Credit plays a vital role in the financial health of businesses enabling operations and funding key investments that spur growth. M-PESA continues to offer both businesses and individuals frictionless, safe and convenient financial services tools building a resilient and financially healthy Kenya.
By increasing access to affordable credit to Kenya’s entrepreneurs especially those in the informal sector, Safaricom and its partners target to drive financial inclusivity and unlock opportunities.
