Safaricom and premier Shari’ah-compliant bank, Gulf African Bank, have today partnered to launch Halal Pesa, the first Shariah-compliant mobile and digital financial solution in the country.
Halal Pesa customers will receive the amount requested in full with a repayment period of 30 days at a 5% commodity Murabaha margin and is expected to empower M-PESA customers who have previously been locked out of access to financing due to barriers such as the lack of Shariah modelled mobile facilities.
According to Peter Ndegwa, CEO -Safaricom, “We remain keen on partnerships that enable us to provide a wide variety of financial solutions that meet the diversified needs of our customers further broadening financial inclusion to ensure that we leave no one behind. Gulf African Bank is a strategic partner that will enable us to deliver affordable and convenient M-PESA services such as Halal Pesa that are Shariah-compliant in accordance to the Islamic faith.”
All M-PESA customers can access Halal Pesa as a Mini App under the “Grow” option on the M-PESA Super App and by dialling *334# under “Loans and Savings”. Customers will initially be provided with a personalised facility limit based on their M-PESA usage. The limit can be increased based on a customer’s usage of Halal Pesa.