Safaricom, in partnership with Asante, a fintech company, offers business loans to Lipa na Mpesa merchants through the Mpesa Business Loan product. These loans provide much-needed financial support to business owners who utilize Lipa na Mpesa tills to receive payments. Whether it’s for daily operations, stock replenishment, or expansion, these loans are designed to keep businesses afloat and growing.
Safaricom Mpesa Business Loan Limit
The loan limits range from as low as Ksh 100 to a maximum of Ksh 200,000, depending on the merchant’s till activity. The more a business uses the Lipa na Mpesa service to receive payments, the higher the potential loan limit. Regular usage of the till increases the chances of getting higher amounts when applying for the loan.
Eligibility Criteria for Mpesa Business Loans
To qualify for the Mpesa Business Loan, merchants must meet the following criteria:
- Active Till Usage: The business must have an active Lipa na Mpesa Buy Goods merchant account. The merchant should regularly settle funds received into the Mpesa account and have activated the business till functionality.
- Minimum Till Active Period: The till must have been operational for at least 3 months (90 days) before applying for a loan.
- Nominated Number: The merchant must use the nominated number linked to the till for loan applications.
- One Loan per Store: Merchants are only allowed to apply for one loan at a time, and only one loan can be issued per till per store.
- Active Tills Only: Only active Lipa na Mpesa tills can qualify for the loan.
Once approved, the loan amount is disbursed instantly into the Mpesa business till account, making it a convenient solution for immediate financial needs.
Benefits of Mpesa Business Loans
Mpesa business loans offer various benefits to merchants:
- Business Continuity: The loan ensures merchants can keep their businesses running smoothly, even in times of financial strain.
- Quick and Easy Access: With the process entirely digital, merchants can access credit quickly without needing extensive paperwork.
- Growth Opportunities: Access to credit allows businesses to grow their networks, expand operations, or stock up on more goods.
- Seamless Transactions: Merchants can complete transactions and manage finances without disruption thanks to readily available funds.
How to Register for Mpesa Business Loans
Merchants can register for Mpesa Business Loans using the following steps:
- Dial *234# from the nominated number linked to the business.
- Select the Mpesa Business Till option.
- Enter your Store Number.
- Select Business Loans from the menu.
- Choose Access loans from our partners.
- Select the preferred lending partner.
- Agree to the Terms & Conditions to opt into the Mpesa Business Loans service.
- Enter your Operator PIN & ID to complete registration.
How to Apply for an Mpesa Business Loan
Once registered, merchants can easily apply for a business loan by following these steps:
- Dial *234# from your nominated number.
- Select Mpesa Business Till.
- Enter your Store Number.
- Choose Business Loans.
- Select Access loans from our partners.
- Pick your preferred loan provider.
- Select Request Loan.
- Input the desired loan amount.
- Choose a loan repayment period.
- Enter your Operator ID and PIN to confirm the loan request.
After completing the application, the loan will be processed and disbursed directly into your Mpesa business account. Repayment terms depend on the selected provider and the amount borrowed, and the loan can be repaid through your Mpesa business till.
Conclusion
Mpesa Business Loans offer a quick and reliable way for merchants to access financing, ensuring they have the funds needed to grow and manage their businesses. Safaricom, through its partnership with Asante, has made it simple for businesses to receive loans directly into their Mpesa accounts, allowing merchants to focus on serving customers and expanding their operations.
By leveraging the Lipa na Mpesa service, merchants can enhance their chances of accessing higher loan limits, providing a stable foundation for continued business growth.
