Safaricom Faraja Loan is a 0% interest, Buy Now Pay Later product in conjunction with Safaricom that provides consumers with credit to make in-store purchases at select merchant stores countrywide.
Safaricom PLC has launched Faraja an interest-free loan facility for paying for services and buying goods. This zero-interest credit service is a telco, Equity Bank Limited, and Edomx Ltd partnership. The service is expected to allow millions of Safaricom subscribers to shop for goods up to Sh100,000 and pay later.
Faraja users can buy goods from as low as Ksh 20 to a maximum of Ksh 100,000. Unlike other credit products, this loan attracts no extra fees. In this case, only M-Pesa charges will apply at the point of sale. Equity Bank will bankroll these charges.
Who can access the Safaricom Faraja Loan?
The Faraja loan is available to all qualifying Safaricom users. However, the subscribers must have an active Safaricom line. The loan limit will be determined by the individual’s credit rating.
Unlike Fuliza which allows users to send money, Faraja will only be accessible through Lipa Na Mpesa options – Buy Goods (Till Number) and Paybill Number.
Buy Goods and Services using Faraja
Currently, there are few merchants accepting the Faraja loan facility. These outlets include Naivas Supermarkets, Citi Walk, and Good Life Pharmacy.
Safaricom Faraja Loan Application,
Safaricom is planning to roll out the service to businesses including bars and restaurants, fuel stations, and more supermarkets. If you are wondering how to get a Faraja loan, below is the process.
- Join Faraja by dialing *799#
- Select the OPT-In option.
- Enter your Safaricom M-Pesa PIN to get your Faraja Limit.
- To pay a merchant, dial *799# and select Lipa na Mpesa – Buy Goods and Services or Paybill option.
- Enter the amount you want to pay.
- Enter your M-Pesa PIN to make a transaction.
Safaricom will send an SMS on the failure or success of your transaction.
Faraja Loan Repay Process
To repay your Safaricom Faraja Loan, follow the following steps.
- Dial *799# from your Safaricom line.
- Choose the transaction you want to pay, and press send.
- Enter your MPESA PIN and press send.
- Accept or decline the transaction.
- Once accepted, you will get an SMS notification confirming the credit transaction details, the amount paid, and the new balance.
Conclusion
Safaricom Faraja Loan promises to be a force in the mobile loans market. Also, an alternative to credit services like KCB-Mpesa, Fuliza, and Mshwari as well as digital loan providers such as Zenka, Branch, and TALA.
'Want to send us a story? Submit to NAIROBIminiBLOGGERS via our Email nairobiminiblogger@gmail.com'
Drop Your Comments, What do you think About The Article?