Business Desk 
Safaricom and KCB Bank Kenya (KCB) have rolled out an overdraft facility that will enable business owners to access goods on credit.
The ‘Fuliza ya Biashara’ will allow businesses on ‘Lipa Na M-PESA’ to complete payments even with insufficient funds in their till.
The credit facility will apply when making transactions from a Lipa Na M-PESA Business Till to other Till Numbers and PayBill Numbers, when sending money to an individual, and when withdrawing to the nominated number or at an agent.
The service will advance an overdraft of up to Sh400,000 with a 24-hour interest-free period.
“We launched Lipa Na M-PESA as a way for businesses to conveniently receive cashless payments through their mobile phones, whenever they are,” Safaricom CEO Peter Ndegwa said.
“With more than 538,000 businesses accepting payments through the service, our strategy is to now go beyond collecting payments by providing business owners with tools to manage and grow their businesses,” Ndegwa added.
“Fuliza ya Biashara caters especially to small businesses by providing them with instant, affordable credit of up to KSh. 400,000, empowering them to rapidly respond to their business needs.”
Fuliza ya Biashara will be available through the M-PESA Business App and on the Lipa Na M-PESA Transacting Till.
Business owners can access a minimum overdraft of Sh1,000 and can draw multiple overdrafts of up to Sh400,000 based on their assigned limit.
