Safaricom has unveiled a zero-interest credit service that will allow millions of its customers to shop for goods up to Ksh100,000 (approximately $846) and pay later in a move that is set to disrupt the mobile loans market.
Users of the interest-free product, to be known as Faraja, will buy goods and services from as low as Ksh20 ($0.17) to a maximum of Ksh100,000 ($846) and pay the same amount without any extra fees witnessed on other credit products.
However, only the normal M-Pesa transaction charges will apply at the point of sale on the product to be bankrolled by Equity Bank.
