Safaricom, the leading telecommunications company in Kenya, has partnered with local fintech firm Pezesha to introduce an innovative credit product aimed at supporting small businesses. This new offering, known as Mkopo wa Pochi, allows small business owners to access loans directly through their M-PESA business accounts, enhancing financial inclusion and providing much-needed financial support to the backbone of the Kenyan economy.
Mkopo wa Pochi is designed to complement Safaricom’s existing suite of loan products, including the widely used M-Shwari and Fuliza. This service is now available through an update to the M-PESA super app, which millions of Kenyans rely on for their daily transactions. The integration of Mkopo wa Pochi with Pochi la Biashara, Safaricom’s business wallet for small enterprises, ensures that the credit solution is seamlessly accessible to its target market.
The launch of Mkopo wa Pochi is a significant development in Kenya’s financial sector. Small businesses often face challenges in accessing credit, which can hinder their growth and sustainability. By leveraging the robust infrastructure of M-PESA and the advanced financial technology expertise of Pezesha, this partnership aims to bridge the gap in financial access for small business owners. This is particularly timely as many small enterprises are seeking ways to recover and grow in the post-pandemic economy.
For Pezesha, this collaboration marks its debut in Kenya’s mobile money market, a sector that has revolutionized financial transactions in the country. By tapping into Safaricom’s vast customer base of over 32.4 million active M-PESA users, Pezesha can significantly scale its impact. The partnership enables Pezesha to deliver its tailored credit solutions to a broader audience, leveraging Safaricom’s established trust and reach in the market.
“We are excited to partner with Safaricom to bring Mkopo wa Pochi to life. This product is designed to meet the unique needs of small business owners, providing them with quick and easy access to credit,” said Hilda Moraa, CEO of Pezesha. “Our goal is to empower these businesses to thrive, contributing to economic growth and job creation in Kenya.”
The integration of Mkopo wa Pochi into the M-PESA super app ensures a smooth user experience. Business owners can apply for loans and receive funds directly in their Pochi la Biashara wallets without the need for additional applications or processes. This ease of access is crucial for small businesses, which often require quick and hassle-free financial solutions.
The introduction of Mkopo wa Pochi underscores Safaricom’s commitment to innovation and financial inclusion. By partnering with fintech firms like Pezesha, Safaricom continues to expand its range of services to meet the evolving needs of its customers. This new credit solution is expected to have a positive impact on small businesses across Kenya, helping them to grow and contribute to the broader economy.
As the service rolls out, Safaricom and Pezesha will monitor its uptake and impact, gathering feedback to refine and enhance the offering. This continuous improvement approach will ensure that Mkopo wa Pochi remains relevant and effective in addressing the financial challenges faced by small businesses.
In conclusion, the launch of Mkopo wa Pochi represents a significant milestone in Kenya’s financial landscape. It brings together the strengths of Safaricom and Pezesha to provide a practical solution for small business owners, fostering economic resilience and growth in the process.
