Airtel loans MFanisi has been unveiled through financial services provider Maisha Microfinance Bank to the Kenyan market. This is set against Safaricom’s M-Shwari and KCB accounts.
M-Fanisi is available to existing Airtel Money customers, who will now be able to apply directly through the mobile money service to receive loans for up to 30 days. It will also offer the facility to open a regular savings account.
Maisha opened about 50,000 new accounts with 20,000 customers accessing loan facilities during their 45 day trial period.
“We are opening doors to those Kenyans who are unbanked to enable them to start their own businesses and/or expand them,” Maisha CEO Kamal Shah said in a statement: “Today we are witnessing a major milestone where Maisha is the first microfinance bank in Kenya to successfully rollout a mobile based lending and savings product.”
Airtel Kenya managing director Prasanta das Sarma speaking at the launch event said, “This partnership is geared towards empowering Kenyans by enhancing financial inclusion.”
In 2012, Airtel offered direct Airtel loans in Kenya with finance company Faulu Kenya.
The launch of Airtel loans platform brings tough competition with dominant mobile money player Safaricom. The market leader offers loans directly through MPesa using the KCB service. Savings accounts are available though its M-Shwari brand.
Statistics from Kenya’s Communication Authority on the country’s growing mobile money market – covering the three months to the end of March 2017 – show Airtel had 1.7 million subscribers, competing for second place with Equitel and Mobikash which had similar subscriber numbers.
All three competitors are well behind Safaricom’s 22 million subscriptions, a market share of 80 per cent.
M-Fanisi the mobile based bank account that is available to only Airtel Money registered customers, bundles Loans, Savings and Fixed deposit options in the initial offer. ‘M-Fanisi’, is offered to Kenyans through Airtel who would like to have quick easy access to loans.
Airtel M-Fanisi offers:
- 7 to 30 days loans at 3% to 7.5% one-off facilitation fees respectively.
- Fixed deposit account for a period up to a maximum of 12 months and earn attractive interest of up to 11.25% p.a.
- Savings account and earn interest of 7% p.a.
- Money transfers in and out of the M-Fanisi to Airtel Money for FREE.
To apply for M-Fanisi using your Airtel Account follow the steps below:-
- Dial *222*3#and select M-Fanisi.
- Accept the product terms and conditions.
- Confirm your registration details.
- Then enter your Airtel Money PIN to activate.