Limit: 5 times of the average monthly residual income (net any borrowing in form of device and motorcycle finance (Maximum amount Kes. 5 million)
Maximum tenure: 5 days
The funds will be paid to Safaricom Collection account at NIC Bank and immediately credit the dealer portal for the dealer to access the funds. These funds will specifically be used to finance airtime purchase.
Repayment can be daily or a lump sum payment at the end of the 5 days inclusive of interest.
Interest: 0.041% per day or 0.21% for the 5 days
The business must have been in operation for at least 12 months
An NIC Bank account is required
Must be a valid Safaricom Dealer or M-PESA agent and hold a copy of a Valid M-PESA agency agreement between themselves and Safaricom Limited.
Completed and signed NIC application form as per account mandate.
Commission or residual income statements for the last six months to be provided.
Completed authority form allowing NIC to seek information on the business from Credit Reference Bureau and Safaricom Ltd
Documentation for the business entity.
Board resolution to borrow from NIC Bank.
Completed assignment of proceeds form in favour of NIC Bank in case of default.