Safaricom has launched a zero-credit service that will allow it customers to shop for goods up-to Ksh100,000 and then they pay on later. The interest-free loan service was unveiled by the company last week. The name of the service is known as FARAJA loans.
The service is banked up the Equity bank and will be available to select retailers like Naivas and the rest. The comapny said that it will not charge any interest on the loan, however the normal cost of M-Pesa operations will apply effectively. Customers will also be ecpected to pay the entered amount within a period of 30 days.
Through an online post, the company said that, “You will only be required to pay the balance of the institution we have provided to you(in whole or part) using the paybill number or other channels we provide from time to time”.
To access this service a safaricom customer must have an active line and their credit limit will be determined by the individual credit limit. Faraja loan service will only be available with paybill and Till Number options, unlike the FULIZA overdraft center, which allows customers to send money.
To access the Faraja loan service by safaricom follow these steps:
- Dial *799# select Login and then select the ‘Buy Goods’ or ‘Payment’ options.
- Learn more Faraja loans at, Faraja Loans Info.
