Kenya's Safaricom has launched a new loan product for small enterprises.
The new offering, called Mkopo Wa Pochi, will allow small business owners to borrow money straight from their M-PESA business accounts.
It was established in collaboration with Pezesha, a Kenyan fintech whose platform helps small and medium-sized businesses get capital.
The fintech links its services with other lenders, giving small businesses access to capital. Its platforms connect business owners seeking money with investors such as banks, microfinance institutions, and other lenders.
Mkopo wa Pochi, which will complement Pochi La Biashara, Safaricom's business wallet for small business owners, is now available through an update to the M-PESA super app that was released on Monday.
Pezesha will decide the credit limit and appropriate interest rate based on the product's terms and conditions.
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