Diamond Trust Bank (DTB) has partnered with Safaricom on Taasi Till Loans, a product that will enable merchants with Safaricom till numbers to access business loans.
Merchants can access a maximum of KSh250,000, which will be payable in 14 days under the product created via a partnership between Safaricom and DTB to support the growth of Micro, Small and Medium Enterprises (MSMEs).
DTB Managing Director and CEO Murali Natarajan said: “At DTB, we are keen to play our part in unlocking the development of MSMEs across the country. Through this partnership, we aim to extend a much-needed credit line to these small businesses, which often need quick and short-term credit as the lifeline of their daily operations.”
The product has gone through a pilot phase with various Lipa na M-Pesa merchants, where over 23,000 merchants have opted into the credit facility with over KSh135 million borrowed at an average of KSh17,500 per customer.
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“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,” said Dr. Peter Ndegwa, Group CEO, Safaricom PLC.
“At DTB, our goal is to drive development and economic growth by making our services easily accessible to MSMEs across the country. We’ve achieved this by expanding our branch network, enhancing our digital platforms, and now, through this partnership with Safaricom, by offering a targeted solution to the financing challenges MSMEs face,” said Mr. Natarajan.
DTB remains committed to supporting Kenya’s MSME sector by providing innovative and accessible banking solutions with a ‘customer-first’ approach.
