The service applies when making transactions from a Lipa Na M-PESA Business Till to other Till Numbers and PayBill Numbers, when sending money to an individual, and when withdrawing to the nominated number or at an Agent.

Fuliza ya Biashara allows business owners to advance an overdraft of up to KSh. 400,000 with a 24-hour interest-free period.

The service is available through the M-PESA Business App and on the Lipa Na M-PESA Transacting Till on *234#. Business owners can access a minimum overdraft of KSh. 1,000 and can draw multiple overdrafts of up to KSh. 400,000 based on their assigned limit.

The overdraft is automatically repaid from incoming till payments, and the Fuliza ya Biashara limit is reset every time a repayment is made, enabling business owners to immediately access new overdrafts, including the amount they just repaid.

Safaricom launched Lipa Na M-PESA as a way for businesses to conveniently receive cashless payments through their mobile phones.

With more than 538,000 businesses accepting payments through the service, the company’s strategy is now to go beyond collecting payments by providing business owners with tools to manage and grow their businesses.

Fuliza ya Biashara caters to small businesses by providing them with instant, affordable credit of up to KSh. 400,000, empowering them to rapidly respond to their business needs.

KCB Bank Kenya’s Managing Director, Mrs Annastacia Kimtai, said the roll-out of this exciting feature will give Kenyan entrepreneurs the headroom to scale up their business operations without getting into the danger of not servicing some of their critical needs like payments to suppliers.

Safaricom and KCB say that the launch of Fuliza ya Biashara seeks to meet a gap in access to affordable credit, especially among small and micro businesses that have been previously locked out due to their size and perceived risk.

Fuliza ya Biashara is M-PESA’s first credit solution dedicated to businesses and the latest in a string of innovations targeting business owners on the platform.

In 2020, Safaricom introduced the Lipa Na M-PESA Business Till and M-PESA Business App, enabling businesses to make payments from Tills and providing simplified cash flow management through the app.

More than 390,000 businesses have downloaded the M-PESA Business App, and over 50% of business transactions on M-PESA are made through the app.

The post Fuliza ya Biashara: Instant Credit for Business Owners on M-PESA appeared first on Biz Post Daily.

“The demand for NSSF services and the need to save for pension has gone beyond formally employed people to entrepreneurs, especially those running medium and small businesses.

It has therefore become necessary to partner with organisations such as Safaricom to extend the reach of our services, including through smartphones on the NSSF M-PESA Mini App,” said Dr. Anthony Omerikwa, Managing Trustee – NSSF.

Customers can access the NSSF Mini-App through the “Discover” option on the M-PESA Super App.

As part of the launch, the first 1,000 NSSF members to make contributions through the NSSF M-PESA Mini App will get an extra 10% free topped up to their account.

“We continue to explore different ways to provide our customers with even more convenience and access to useful services by establishing key partnerships with organisations such as NSSF.

The NSSF Mini App will go a long way in providing customers with an exceptional user experience while providing them with the freedom to access services on their smartphones at any time through the M-PESA Super App,” said Peter Ndegwa, CEO – Safaricom.

The NSSF M-PESA Mini App comes on the back of the November 2019 launch of Haba Haba, a savings plan for business people in the jua kali sector.

Haba Haba gives members a chance to save a minimum of Ksh. 25 a day, with the option of withdrawing 50% of their contribution after consistently contributing for a minimum of 5 years.

The M-PESA Super App provides customers with a range of Mini Apps that enables them to conveniently access a variety of products and services from a single app on their smartphones, including SGR booking, airline tickets, bus tickets, shopping gift vouchers, insurance gas delivery, and Pay TV services.

Other key features of the Super App include saving of frequent bills, downloadable M-PESA statements, use of fingerprint and face lock in place of the M-PESA PIN, Send to Many, among others.

More than 5 million customers have downloaded the Super App since its launch.

The post Safaricom Onboards NSSF Services to the M-PESA Mini App appeared first on Biz Post Daily.