You can now access Safaricom interest-free loans of up to Sh. 100,000 on you mobile phone. This follows the official launching of the loans product by Safaricom.
The loan service dubbed Faraja Loans are designed to help you make purchase of goods and services worth up to Sh. 100,000 on credit.
To access the funds, Safaricom says that you should start by dialing *799# to register.
“Customers can access the service at businesses which offer Faraja by dialling *799# to opt-in or make a payment, or by selecting the Faraja mini-app on the M-PESA Super App. In addition, customers can purchase multiple items simultaneously under Faraja as long as they are within their assigned credit limits,” says Safaricom.
Once you register, you will have the following options
1). Buy Goods
2). Pay Bill
3). Buy Airtime
4). Pay Back
5). Pay for Other Number
6). My Account
7). Help
Under the My Account option you will be able to access the following services:
1). Check Limit
2). Reverse Transaction
3). Mini Statement
4). Terms & Conditions
5). Opt Out
6). Offers
The interest-free loans service is already available for use at leading retailers including all Naivas Supermarket branches, Good Life Pharmacies and City Walk among other merchants with the list expected to grow.
Using Faraja loans, customers will be able to purchase products from Sh. 20 to Sh. 100,000. Businesses on Faraja will receive payment in full for a product or service immediately after a customer makes a payment through the service.
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Customers will then be required to pay back within a month at no extra charges, hidden fees or dafault penalties.
