Safaricom aims to launch ‘Faraja’ interest-free loan service.
image used for presentation purposes only.
Millions of Safaricom users will be able to purchase for items costing up to 100,000 shillings and pay later thanks to the company's upcoming introduction of a zero-interest credit program.
The Faraja service is an initiative aimed at upending the mobile loans market.
Users of Faraja will be able to pay the same amount for goods and services starting at 20 shillings and up to 100,000 shillings without being charged any additional fees or default penalties.
This new credit service would enable clients to walk away with goods and services from a list of chosen merchants without being compelled to pay upfront, unlike Lipa Later, a comparable service that is already available on the market.
Depending on their credit score, the service ...