Bloom Finance Service
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.
Lipa Na M-PESA Buy Goods Partners will be able to access credit for:
- Sales expansion
- Stock financing
- Funds for business operations
Lipa Na M-PESA Buy Goods Merchants who settle funds collected in their M-PESA tills to their M-PESA account.
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.
Dial *234*4# > select M-PESA Bloom>enter Store Number >accept terms and conditions to opt into the M-PESA BloomService.
Dial *234*4# >Select M-PESA Bloom> then select Check Loan Limit.
By monitoring your monthly Lipa Na M-PESA Till activity we will be able to establish how much you qualify for.
You need to actively trade on your M-PESA Till by receiving M-PESA payments for payment of goods and services.
Dial *234*4# > select M-PESA Bloom>then select Request Loan
- 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
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.
You will access the funds by withdrawing using your nominated number.
Dial *234*4# select Withdraw Cash to my Number
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.
Dial *234*4# >Select M-PESA Bloom> select Repay Loan > then select;
- Partial Settlement – you can pay in installments before the Loan due date.
- Full Settlement – you can pay the entire Loan amount at once.
A loan will be rolled over once before you are reported to the Credit Reference Bureau. Defaulters will be reported after the roll over period elapses. i.e. after the 5th day for 3day Loan, after the 14th day for the 7day Loan, and after the 37th day for the 30day Loan.
After the rollover period elapses a monthly default fee of 9% on outstanding balance will be applied.
3 days Loan
There will be a roll over fee of 2.75% on the outstanding Loan balance.
- Number of allowable rollovers on 3 day Bloom loan will be 1 for a maximum period of 2days, before you are reported to the Credit Reference Bureau (CRB) after the 5th day
- A monthly default fee of 9% on outstanding balance will be applied after the 5th day
Monthly default fee of 9%
|
Amount borrowed |
To pay on day 3 at 1.25% |
2.75% roll over applied after nonpayment on day 4 |
Day 5 |
|
|
200 |
202.50 |
208.07 |
208.07 |
Forwarded to CRB Monthly default fee of 9% applied on outstanding balance. |
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 7days, before you are reported to the Credit Reference Bureau (CRB) after the 14th day
- A monthly default fee of 9% 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 Non payment on day 8
Day 14
Day 15
200
204.00
213.69
213.69
•Forwarded to CRB
• Monthly default fee of 9% applied on outstanding balance.
30 days Loan
There will be a roll over 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 7days, before you are reported to the Credit Reference Bureau (CRB) after the 37th day
- A monthly default fee of 9% 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 |
214.00 |
225.77 |
225.77 |
•Forwarded to CRB •Monthly default fee of 9% |
- Telephone: contact safaricom on:
- Merchant:2222
- Agent: 2134
- E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
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