Airtel Money offers a loan facility

Airtel Money offers a loan facility

Airtel Kenya in partnership with Faulu Kenya has launched a loan facility that is expected to attract low-income earners in the country. The new product is incorporated in the Airtel Money platform and will see subscribers’ access micro loans from their mobile phones.

Airtel Money, which enjoys a subscriber base of 3 million second from Safaricom’s 15 million, is hoping to leverage on its new product, ‘Faulu Airtel Kopa Chapaa’.

The loans advanced by this service ranges from Ksh 100 to Ksh 10,000 repayable in 10 days at an interest rate of 3-10 per cent. One is required to have subscribed to Airtel for at least 6 months to access the loan. Defaulters will have their details forwarded to the Credit Reference Bureau.