Boost for small businesses as Safaricom revamps ‘Fuliza’ and ‘Pochi’ with credit offer
Safaricom announced it has enhanced the products to integrate a credit facility under a new offering dubbed Taasi.
Small businesses across the country are poised for a major uplift as Safaricom rolls out a revamped version of its payment platform, Pochi La Biashara, along with its overdraft service, Fuliza.
The country’s telco giant on Wednesday announced it has enhanced the products to integrate a credit facility under a new offering dubbed Taasi.
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Notably, businesses will have access to credit through an overdraft facility, Fuliza Biashara, and a Term loan ‘Taasi Till’.
The till offers short-term credit ranging from Sh1,500 to Sh250,000, depending on eligibility.
Through Fuliza Biashara, Lipa na M-Pesa merchants can draw multiple overdrafts from a minimum of Sh1,000 to Sh400,000 based on their assigned limit.
“As part of the revamp, merchants will now be able to repay their overdraft flexibly recovered when there’s inflow on the till to allow business continuity,” said Safaricom Group CEO Peter Ndegwa.
For businesses using Pochi la Biashara, ‘Taasi Pochi’ offers credit ranging from Sh1,000 to Sh250,000.
To be eligible for credit for ‘Taasi’ and Fuliza Biashara, the telco requires the merchants to 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 repayment periods of between 14 and 30 days.
The telco says the initiative aligns with its commitment to driving financial inclusion for businesses across the country.
“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,” Ndegwa said.
“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.”
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