Safaricom has partnered with Pezesha to launch Mkopo wa Pochi, a new loan product aimed at providing credit to small business owners through their M-PESA business accounts.
Pochi la Biashara is a product that allows business owners such as food vendors, small kiosk owners, boda-boda operators, secondhand clothes dealers, etc., to receive and separate business funds from personal funds on their M-PESA line.
According to Safaricom,Pochi la Biashara is available to Safaricom customers who are already registered to M-PESA on their SIM cards.
With this product,which is already available to Pochi La Biashara customers, enables entrepreneurs to borrow money directly through M-PESA, helping customers separate business funds from personal funds. The product will also allow customers withdraw funds at an agent directly from Pochi la Biashara account without moving the funds to M-PESA account.
Customers can access the service through the M-PESA app by selecting Pochi La Biashara and choosing the payment option. They then enter the relevant business or till number, account number, amount, and their M-PESA PIN.
Alternatively, users can dial *334#, select Pochi La Biashara, and follow the prompts to complete their transactions.
In the product’s terms and conditions page,Safaricom stated that Pezesha may make a credit assessment after considering information from various sources, including but not limited to a customers business transaction history with Safaricom, mobile money account transaction history, credit information from the Credit Reference Bureau, history of use of the product and prevailing market conditions.
This feature enhances financial management for small business owners, promoting better business practices and growth.
This partnership between Safaricom and Pezesha marks a significant step towards empowering small businesses in Kenya by providing them with the financial tools they need to thrive.