Businesses Can Now Access Up to KES 400,000 in Fuliza for Business Loans
Kenyan businesses are set to benefit from an innovative credit facility, as Safaricom’s M-PESA now allows access to Fuliza loans of up to KES 400,000. This new service targets small and medium enterprises (SMEs) in need of short-term financial support, helping them maintain their cash flow and grow their businesses.
The Fuliza for Business service is designed to empower SMEs by allowing them to overdraw their M-PESA accounts, thus enabling them to continue transactions even when funds are insufficient. To be eligible for the service, business owners must opt into the M-PESA Business till system and maintain an active account for a minimum of six months.
The launch of Fuliza for Business is part of Safaricom’s broader strategy to support the growth of SMEs in Kenya, contributing to the country’s economic development. The platform is expected to have a significant impact on the SME sector, offering a convenient and accessible lending solution to businesses that may struggle to secure funding through traditional financial institutions.
Automatic deductions from the till’s collections will be made every 30 minutes to repay the loans, ensuring a seamless repayment process for business owners. The introduction of Fuliza for Business is poised to revolutionize the financial landscape for SMEs, promoting financial inclusion and providing much-needed access to credit for Kenyan businesses.