This is a list of Safaricom Mpesa loan products in Kenya. Safaricom is the leading communication company in Kenya with the widest network coverage, best data, voice & SMS network, affordable prepaid and postpaid services.
Here is a List Of Safaricom Mpesa Loan Products In Kenya
Halal Pesa
This is the first Shari’ah compliant, digital financing product powered by MPESA in partnership with Gulf African Bank Ltd.
How it works
This product was designed to cater to our Muslim customers who stay out of other lending products since they don’t adhere to Shari’ah law. Shari’ah law does not support/allow taking loans/borrowing money from banks or individuals where interest is charged.
Since the Halal Pesa product is based on Shari’ah principles, it operates under the Tawarruq model: which basically means that the customer is given a facility and not a loan. To verify the Shari’ah compliance of the product and other product details please visit www.gulfafricanbank.com .
Halal Pesa is currently not available for new registration and facility requests. The relevant menu to register or request for a new facility are not available. However, customers who had already opted in and taken some facilities will be able to repay back.
How to Pay Existing Facility
Please refer to the guide below on how existing facilities shall be paid.
The M-Shwari 52 Week Challenge
This is a saving program that aims at cultivating a saving culture among Kenyans through the easy to use M-Shwari service.
The aim is to reach the achievable amount of KSHs.68,900 by spreading it throughout the year. This makes it easier for you as the saving amount increases gradually.
How it works
Starting week 1, deposit your savings on M-Shwari starting with KSHs.50, then KSHs.100 the next week, KSHs.150 the week after that and so on and so forth, until the last week of December where you will save KSHs.2,600, and your savings will add up to KSHs.68,900.
M-Shwari ensures the saved amount is safe and easy to deposit. The weekly savings also lead to your loan limit increasing and all deposits on M-Shwari will earn interest of 6% p.a.
How to set up M-Shwari Lock Savings Account for the #52Week Savings
- Go to M-PESA on MySafaricom App or from your sim tool kit
- Select Loans and Savings.
- Select M-Shwari.
- Select Lock Savings Account.
- Select Open Lock Account.
- Set your target at min Ksh. 68,900 or more.
- Set period at 12 months (The enhancement has been done from 6-12months).
- Set your account to save from M PESA or M-Shwari.
Every week, all you have to do is go to the M-Shwari Lock Savings Account menu, and deposit the amount that is set for the week, as per the #52Week Savings saving calendar.
To check your saved amount
- Go to ‘M-PESA’ menu and select ‘Loans and Savings’.
- Select ‘M-Shwari’.
- Select ‘Check Balance’.
- Enter M-PESA PIN
- Confirm the message displayed
M-Shwari
M-Shwari is a savings and loan service that enables M-PESA customers to;
- Save as little as Kshs. 1, and access credit from Kshs. 1,000.
- Earn interest of up to 6.3% p.a. on your savings balance.
- Save for a fixed period of time
- Access loans instantly, credited to your M-PESA account from a minimum of Kshs. 1,000 and up to Kshs. 1million account charged at 9% Being Loan Fees of 7.5% and 1.5% Excise Duty. Excise duty is deducted from the loan amount to be sent to M-PESA
How to qualify for a loan
- Be an M-PESA subscriber for at least 6 months
- Save on M-Shwari
- Actively use other Safaricom services such as voice, data and M-PESA.
What should I expect when I borrow?
- Access loan limits from as low as Ksh.100 and up to Ksh.50,000.
- Enjoy a one month repayment period.
- Loan repayment can be made via M-PESA, or from the M-Shwari account.
How does it work?
- Access the M-PESA menu.
- Select Loans and Savings.
- Select M-Shwari.
- Select Loan.
- Request Loan.
- Enter amount.
- Enter your M-PESA PIN
- Loan amount will be sent to your M-PESA Account. The loan amount to be paid will be in inclusive of the facility fee.
Lock Savings Account
This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time.
The funds saved on the M-Shwari Lock savings account will be kept in the account until the maturity date; this maturity date is determined by the customer upon opening the account and ranges between one and twelve months. Customers can make micro deposit into this.
The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.
What are the requirements of opening a Lock Savings Account?
- One must be an M-Shwari customer in order to access this service.
- To join M-Shwari, Go to your M-PESA menu, select “My account” and “Update menu” then go to your M-PESA menu, select Loans and Savings, Mshwari, click on activate account and accept terms and conditions.
What are the benefits of opening a Lock Savings Account?
- No minimum savings
- There are no charges levied on the M-Shwari Lock Savings account.
- The interest rate is constant during the investment period, and is calculated and paid out monthly or at maturity.
- The Lock period varies from one month to six months depending on the customer needs.
What interest will be payable on the M-Shwari Lock Savings Account?
M-Shwari lock savings interest is earned daily but paid out monthly into the lock savings account.
(Table on site)
How does one access the Lock Savings Account Menu?
- On the M-PESA menu, go to Loans and Savings
- Select M-Shwari
- Select Lock Savings Account
How do I Open and Save into Lock Savings Account?
- Go to M-PESA, Loans and Savings
- Select M-Shwari
- Select Lock savings account
- Open an account
- Select to save from either M-PESA or from M-Shwari
- Enter Target Amount,
- Enter period between 1-6 months
- Enter amount to save
- You will receive an SMS confirmation that your Lock Savings Account has been set up.
- The next time you save, go to the Lock Savings option under M-Shwari, select to save from either M-Shwari or M-PESA, enter amount and then your M-PESA PIN to complete your transaction.
How will I know that my money in M-Shwari Lock Savings has matured?
- Upon maturity, a notification will be sent to you via SMS from M-Shwari informing you of the amount saved and the interest earned.
Can a customer withdraw their funds before maturity date?
- However, a customer will receive the requested money after 48hours. A customer has the option to withdraw the entire amount or make a partial withdrawal of the funds
KCB M-PESA Account
KCB M-PESA is a savings and loan service that enables M-PESA customers to save as little as KSh. 1, and access credit from KSh. 100 payable within a month. Save for a fixed period (Fixed Deposit Account) or save a little at a time for a set period (Target Savings Account) and earn interest. Earn interest of up to 6.3% p.a. on your saving balance.
Save for a fixed period (Fixed Deposit Account) or save a little at a time for a set period (Target Savings Account) and earn interest. Earn interest of up to 6.3% p.a. on your saving balance.
Access loans instantly, credited to your M-PESA account from a minimum of KSh 100 and up to KSh 1 million charged a facility fee of 8.85%.
No forms to fill out, no branches to visit. Just one click on your phone and you have a savings account with access to instant loans!
Transfer money in and out of the KCB M-PESA Account for free.
Eligibility
- The customer will need to hold a Kenyan National ID and be registered using the same on M-PESA.
- Customers registered using Passport numbers won’t be able to opt/activate KCB M-PESA. Such customers should visit the Safaricom shop with their original ID and passport so that the details of the ID are captured and amended from the passport details.
- A registered Safaricom M-PESA customer.
- Actively use other Safaricom services such as voice, data, and M-PESA.
Exemptions on Eligibility
- KCB M-PESA will not allow multiple registrations using the same document ID.
- Customers who are not more than 6 months old on M-PESA will be assigned a KCB M-PESA loan limit of zero.
What are the access channels?
Customers can access KCB M-PESA loans and saving services through the following channels.
- M-PESA App
- MySafaricom App
- Safaricom Sim Toolkit (STK)
- Dial USSD *334#
How to sign up?
Customers can activate their KCB M-PESA account by following the steps below:
M-PESA App
- Login to your M-PESA account
- Select Grow on the navigation bar (bottom of the screen)
- Select KCB M-PESA
- Select Activate
MySafaricom App
- Login to your MySafaricom App.
- Click on M-PESA on the navigation bar (bottom of the screen).
- Select Loans and savings.
- Enter your M-PESA PIN.
- Select KCB M-PESA.
- Click on
Safaricom Sim Toolkit (STK)
- Access the M-PESA menu.
- Select Loans and Savings.
- Select KCB M-PESA.
- Select Activate.
USSD Dial *334#
- Dial *334#.
- Select Loans and Savings.
- Select KCB M-PESA.
- Select Activate.
You are now all set to save and borrow with KCB M-PESA.
What are the loan features?
- The KCB M-PESA loan account is a micro-credit product that gives you access to a loan; may it be for an emergency, or to fund a project or enterprise.
- Access loan limits from as low as KSh.100 and up to KSh. 1 million
- Enjoy a repayment period of one month.
- Loan repayment can be made via M-PESA, or from the KCB M-PESA account.
How to qualify for a loan
- Be an M-PESA subscriber for 6 months.
- Save on KCB M-PESA
- Actively use other Safaricom services such as voice, data, and M-PESA.
What about savings?
There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They are.
- Fixed Savings Account
- Target Savings Account
Fixed Savings Account
This account allows you to lock a specific amount of cash for a period of up to 12 months.
How does a fixed saving account work?
- Locked periods include 1 up to 12 months with a minimum amount of Kshs.500.
- Upon early or premature redemption, you will forfeit all interest accrued.
- You get cash back immediately to your KCB M-PESA account on prompting cash back.
- Earn attractive Interest rates of 6.3% p.a. on your savings.
Target Savings Account
This account allows you to set a target and make deposits toward achieving that target.
How does a target saving account work?
- You top up continuously until you achieve your target.
- You can deposit money into the target account through M-PESA or KCB M-PESA
- You can choose from target periods of 1 up to 12 months with a minimum contribution of KSh 50.
- You earn interest on cumulative interest.
- Early withdrawal of funds from Target Savings is allowed subject to a withdrawal of the entire amount saved. Total interest on savings will be earned on the day of the withdrawal.
- You get cash back immediately to your KCB M-PESA account on prompting cash back.
- The minimum target period is 1 month.
- Enjoy attractive Interest rates of 6.3% p.a. on your savings.
Fuliza
Fuliza is a continuous overdraft service that allows Safaricom’s M-PESA customers to complete their M-PESA transactions even when they do not have enough funds in their M-PESA account.
To enjoy Fuliza M-PESA overdraft services, a customer needs to be registered on M-PESA with an active Safaricom M-PESA line. Customers will need to opt into the Fuliza service to enjoy the service.
Eligibility
- M-PESA customers registered using their national ID/Kenyan passport/Military ID can activate Fuliza but not all are eligible for a loan limit upon activation.
- M-PESA accounts registered using Foreign passport cannot successfully opt-in to Fuliza.
- Upon opting in, one will be assigned a limit that defines the maximum amount of overdraft they can access.
How to OPT in to FULIZA
- Dial *334#
- Select Loans and Savings>> Select FULIZA
- OPT in
What is great about FULIZA
- A customer can request for Fuliza as many times as long as it is within the allocated limit.
- A customer will be able to Send Money to both registered and unregistered customers.
- Customer can pay to Lipa Na M-PESA: Buy goods and Paybill.
- Customer can Buy airtime for self and other via USSD or M-PESA APP
Fuliza limit
- Fuliza limit will be allocated upon activation by a customer who has been active on the network for at least 6 Months based on their line’s activity.
- To grow Fuliza limit, you need to continue using Safaricom and M-PESA services and repay your Fuliza M-PESA facility on time by toping up your M-PESA account.
- Customers on our network for less than 6 months will have a ZERO LIMIT.
Note: Fuliza limit will be refreshed (upwards or downwards) depending on the usage and timely repayment of the facility.
Fuliza Charges
- A customer will be charged a one off 1% access fee and a daily maintenance fee is applied the next day at midnight or 00.00 hrs.
- A Customer will also be charged 20% excise duty on the access fee. That means a customer who uses Fuliza and repays before the next day at 00.00hrs will only pay the access fee and a maintenance on the outstanding amount as per the table below:
| FULIZA TARIFF | |||
| Band | Tariff | 20% Excise Duty | Total Charges |
| 0 -100 | KSh 0 | KSh 0 | KSh 0 |
| 101-500 | KSh 2.5 | KSh 0.5 | KSh 3 |
| 501-1000 | KSh 5 | KSh 1 | KSh 6 |
| 1001-1500 | KSh 18 | KSh 3.6 | KSh 21.6 |
| 1501-2500 | KSh 20 | KSh 4 | KSh 24 |
| 2501-70000 | KSh 25 | KSh 5 | KSh 30 |