M-Pesa is a mobile based banking service that allows users to store and transfer money through their mobile phone. M-Pesa was launched by Safaricom and Vodacom in 2007. M-Pesa is a combination of two entities in which M means mobile and Pesa means payment in the Swahili language.
The procedure of registering for M-Pesa;
- A Safaricom mobile number
- The applicant first and last name
- The date of birth of the applicant
- A Kenyan National ID or Passport
Registering of M-Pesa account is usually free at any of the Safaricom authorized M-Pesa agents countrywide
The following are the online loans in Kenya via M-Pesa;
- PESA NA PESA
The service is accessible to Safaricom subscribers who are registered to M-Pesa. Airtel and Orange subscribers cannot access the service. Financial institutions in Kenya such as Chase Bank, CIC insurance, Safaricom M-Pesa and many others are giving out mobile credit service referred to as Pesa Na Pesa. An applicant can access the service by dialing a USSD code *415*33#. The loan amount issued is up to ksh. 5000. The interest charged is 10% weekly. The attempt to default attracts legal action and more charges.
It was launched in November 2012 through a partnership between Commercial Bank of Africa (CBA) and Safaricom. This is a new type of banking platform that enables customers to save, earn interest and access small amounts of credit instantly via their mobile phones. The loan amount mainly depends on how much clients have saved in their MShwari accounts. The minimum amount you can borrow is Ksh.100; however, the maximum amount is dependent on your loan amount limit.
- TALA LOANS
Tala loan is a California-based finance application in Kenyan market. It provides credit through the mobile phone. It was formerly known as Mkopo Rahisi before it was upgraded and rebranded to Tala. The loans given have low charges and easy repayment schedule. The amount of loan issued is up to Ksh 50,000.
Timiza is a digital banking platform launched by Barclays Bank of Kenya. The platform offers various services such as loans, insurance, bill payments and can also serve as a bank account. An applicant can register for Timiza by dialing *848# or downloading the app from Google Play Store. Timiza offers loans of up to Ksh. 150,000. The loan amount given depends on your M-Pesa transaction history. The interest charged is 6.17%
- BRANCH LOANS
This is a Facebook linked service that allows the users to borrow money and repay loans small loans. This is through Safaricom’s mobile payments service such as M-Pesa. The Branch targets small micro-enterprises that need quick loans but they are locked out by traditional banks that insist on providing collateral.
- SAIDA LOANS
This is a mobile based loan micro financier in Kenya. The lender issues loans instantly through an application running on android smartphones. The application is located in Google’s play store. The amount of loan issued varies per customers. The maximum amount of money you can borrow is Ksh. 25,000. When paying the loan use ‘ 854400’ as the Saida Pay-bill number registered as Suave Business Solutions.
- HARAKA LOANS
Haraka loans are accessed through an android phone. This is after downloading and installing the Haraka loan app. Haraka loan app provides loans to Kenyans. Haraka mainly seek to give loans to especially unbanked individuals in informal businesses. In case you are a new member use the referral code ‘F8YFHVH’ to get Ksh 100. The amount of loan issued ranges between Ksh 500 to Ksh 5000. The duration of loan payment period is between 7 days to 30 days.
- SHIKA LOANS APP
This is a platform which borrowers can access quick loans. The app is currently only available to android system mobile users in Kenya. The Shika loan app is only available to Safaricom subscribers. The amount of loan issued ranges between Ksh 500 to Ksh 20,000. The interest charged is 15%. The maximum duration of loan payment is one month. When repaying the loan use ‘ 811655’ as the Shika Pay-bill number.