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Bloom Finance Service

What is Business loan?

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Safaricom has partnered with a Financial Service Provider to offer a credit facility between Kshs 5,000 to 150,000 for their Lipa Na M-PESA Buy Goods Partners.

What are the benefits of the Business loan?

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Lipa Na M-PESA Buy Goods Partners will be able to access credit for:

  • Sales expansion
  • Stock financing
  • Funds for business operations

Who is eligible for the Business loan?

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Lipa Na M-PESA Buy Goods Merchants who settle funds collected in their M-PESA tills to their M-PESA account.

How can I qualify for the Business loan?

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Safaricom believes that each merchant has unique needs and Setting Loan limit is based on their Lipa Na M-PESA Till activity.

  • The more you use the till by receiving M-PESA payments from customers the higher the chances of increasing the Loan Limit.
  • You must have been an active Lipa Na M-PESA Merchant for at least 3 months.

How will I register for the Business loan?

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Dial *234*4# > select M-PESA Bloom>enter Store Number >accept terms and conditions to opt into the M-PESA BloomService.

How will I check my Loan Limit?

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Dial *234*4# >Select M-PESA Bloom> then select Check Loan Limit.

How do you determine my Loan Limit?

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By monitoring your monthly Lipa Na M-PESA Till activity we will be able to establish how much you qualify for.

What should I do to increase my Loan Limit?

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You need to actively trade on your M-PESA Till by receiving M-PESA payments for payment of goods and services.

How will I request for a Loan after registration?

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Dial *234*4# > select M-PESA Bloom>then select Request Loan

What fee will I be charged for the loan? It will depend on the Financier you select

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  • 7 days Loan will be charged 2% of the total value of the amount requested.
  • 30 days Loan will be charged 7% of the total value of the amount requested

How long will it take for me to receive the requested amount?

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You will receive funding for your business shortly after making the Loan request. The funds will be applied to your Store M-PESA/Working account.

How will I access the funds?

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You will access the funds by withdrawing using your nominated number.

Dial *234*4# select Withdraw Cash to my Number

Can my Loan request be declined?

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YES;

  • If the Loan amount requested is higher than your Loan Limit. The Loan request MUST be made within your Loan Limit.
  • If you have been blacklisted by the Credit Reference Bureau.
  • If you have an existing Loan. You will be required to fully repay for an existing loan before requesting for another. You can only request one Loan with one Financier at a time.

How will I make a repayment for the Loan?

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Dial *234*4# >Select M-PESA Bloom> select Repay Loan > then select;

  1. Partial Settlement – you can pay in installments before the Loan due date.
  2. Full Settlement – you can pay the entire Loan amount at once.

What happens if I do not pay back on time?

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A loan will be rolled over twice before you are reported to the Credit Reference Bureau. Defaulters will be reported after the 2nd roll over period elapses.1.e. after 14st day for the 7 day Loan, after 37th day for the 30day loan.

After the rollover period elapses a weekly default fee of 3.5% on outstanding balance will be applied.

7 days loan

  • There will be a roll over fee of 4.75% on the outstanding Loan balance.
    • Number of allowable rollovers on 7 day Bloom loan will be 1 for a maximum period of 7 days, before you are reported to the Credit Reference Bureau (CRB) after the 14th day
    • A weekly default fee of 3.5% on outstanding balance will be applied after the 14th day.

Amount borrowed

To pay on day 7 at 2%

4.75% roll over applied after nonpayment on day 8

Day 14

Day 21

200

204

213.69

213.69

  • Forwarded to CRB
  • Weekly default fee of 3.5% applied on outstanding balance.

 

30 days loan

  • There is a rollover fee of 5.5% on the outstanding Loan balance.
    • Number of allowable rollovers on 30 day Bloom loan will be 1 for a maximum period of 7 days, before you are reported to the Credit Reference Bureau (CRB) after the 37th day.
    • A weekly default fee of 3.5% on outstanding balance will be applied after the 37th day.

Amount borrowed

To pay on day 30 at 7%

5.5% roll over applied after nonpayment on day 31

Day 37

Day 38

200

214

225.77

225.77

  • Forwarded to CRB
  • Weekly default fee of 3.5% applied on outstanding balance.

Who do I contact if I have any questions?

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  • Telephone: contact safaricom on:
    • Merchant:2222
    • Agent: 2134
  • E-mail: M-PESABusiness@safaricom.co.ke