Safaricom has introduced Mpesa till loan that will be issued to any business in Kenya that has a Lipa na Mpesa Till Number. Dubbed Fuliza ya Biashara or Boost ya Biashara loan, the loan is available to all qualified businesses at a friendly interest rate.
How Mpesa Till Loan Works
Mpesa till loan is a credit facility that allows businesses with an Mpesa Business Till number to use their account to make payments to other Buy Goods Tills, Mpesa phone number, or withdraw funds through Mpesa agents even when their account balance is insufficient.
The loan limit varies depending on your business’s mpesa transaction and loan repayment history. Dial *234# and select M-PESA Business Till to check your specific loan limit. You can borrow between Ksh. 5,000 and 150,000.
The loan is supposed to be repaid after 30 days at an interest rate of 2%. If you fail to pay the loan within 90 days, your account details will be listed on CRB as a defaulter which will affect your credit rating.
Just like Fuliza, any payment made to the till number with an outstanding loan will be deducted to pay the loan balance.
In order to qualify for Mpesa Til loan, your account must meet the following requirements;
- You must have had an active Mpesa Business account for over 6 months
- Merchants must have an active store using the till number to receive payment
How to Apply for Mpesa Till Loan
To apply for Mpesa Business Till loan, follow the procedure below;
- Dial *234# using the phone number that was assigned to the Till during registration
- Then Select Mpesa Business Till
- Enter your store number
- Choose Loan Accept terms
- Complete applications
If you have inquiries or require assistance regarding Mpesa till loan, contact Mpesa business by dialing 100 on your phone or email: M-PESABusiness@safaricom.co.ke.
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