Safaricom extends fuliza overdraft services to Pochi La Biashara merchants
NAIROBI, Kenya, Oct 22- Safaricom has extended its Fuliza overdraft service to Pochi La Biashara merchants, opening access to short-term credit for more than one million qualifying micro-businesses as the…
In a move to support Kenya's micro-businesses, Safaricom, the country's leading telecommunications company, has expanded its Fuliza overdraft service to Pochi La Biashara merchants. This new product, called Fuliza Ya Pochi, allows over one million qualifying micro-businesses to access short-term credit when their business wallets lack sufficient funds.
The overdraft can be used to settle supplier payments, make Lipa na M-PESA Buy Goods transactions, send money, and pay utility bills. Credit limits are based on each business's activity, and repayments are automatically deducted from incoming payments. Safaricom CEO Peter Ndegwa highlighted the importance of the service in helping merchants overcome daily cash flow gaps and continue growing their businesses.
Currently serving more than two million micro-merchants, the launch of Fuliza Ya Pochi expands Safaricom's credit offerings, which also include the original Fuliza service and Fuliza ya Biashara. The telco aims to assist informal businesses that rely on mobile money for daily transactions but may experience temporary cash shortages. However, the company has not disclosed specific overdraft limits or borrowing charges.
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