M-Pesa Fanikiwa was launched in May 2023 and is a platform that offers a quick and short-term loan to Safaricom users. Only those who are eligible and with good credit history can access their loan with ease as it is still in the pilot phase.
This article explains M-Pesa Fanikiwa loan requirements, how to access loan limits, and how to repay and manage Fanikiwa loans.
Eligibility Requirements
Fanikiwa eligibility is straightforward and they are:
- Applicants should be 18 years or above.
- Have a Safaricom registered sim/line.
- Have an active M-Pesa account that has been running for over 6 months
- A good credit history.
How To Apply For Mpesa Fanikiwa Loan
To apply for a Fanikiwa loan, you need to first register. Follow the steps below:
- Dial *844# using your registered Safaricom line
- Follow the prompts on your phone as it guides you on each step to follow
- Register to get a confirmation message.
To Apply for the loan:
- Dial *844# again
- Select loan and input your loan amount
- Apply and wait to get a confirmation message or check your M-Pesa account.
Mpesa Fanikiwa Loan Limit
Fanikiwa loan limit is between Kshs 100 to Kshs 10,000. This Maximum amount can cover some major expenses for you.
Also, regularly using Mpesa services and repaying loans on time can increase your limit.
How Do I repay my Fuliza balance?
Repay your Fanikiwa loan by:
- Dialing *844#
- Choose Loan repayment
- Put the amount and press enter
- Get a confirmation message for a successful loan repayment.
Just ensure timely repayment which is 30 days to qualify for the subsequent loan.
Conclusion
Mpesa’s Fanikiwa loan is a convenient way to access quick cash without stress. By meeting eligibility criteria and following the simple application process, you can manage short-term financial needs efficiently.
Also, the loan has a lower interest rate of 5% when compared with other loan platforms which you can easily repay at the end of 30 days.
Frequently Asked Questions
Can I opt out of Fanikiwa?
Yes, you can opt out of Fanikiwa by dialing *844# and following the prompt.
Is it safe to use Fanikiwa?
Yes, the Fanikiwa loan is a secure service that eligible M-Pesa users can apply for. It is still in the pilot stage and only a few with good credit history are selected for the loan.
Can I use Fanikiwa to send money internationally?
No, Fanikiwa is designed for domestic transactions only.
Where can I find more information about Fanikiwa?
Visit the Safaricom website or contact their customer service for more details.
Leave a Reply
You must be logged in to post a comment.