Safaricom and EDOMx Launch Faraja: Buy Now, Pay Later Service

Editorial Desk
By Editorial Desk 4 Min Read

Safaricom has partnered with EDOMx to launch Faraja, an innovative service that will onboard over 32 million Safaricom customers to Buy Now, Pay Later Service.

With Faraja, customers can now buy products and services ranging from KSh. 20 to KSh. 100,000 at zero interest fee and pay back within a 30-day window.

Recognizing the immense potential of the digital consumer market globally, Safaricom and EDOMx diligently researched and developed Faraja, incorporating beneficial features like the zero interest fee and an emphasis on loyalty and customer-focused programs. While starting with Kenya, their vision extends to capturing a share of the global market.

Faraja represents a significant step forward in fostering creativity and inclusivity in the digital financial sector, aligning with the goal of deepening the sector as a whole. As the global digital financial landscape undergoes a paradigm shift, this Kenyan digital innovation has the potential to transform the industry worldwide.

Julian Kyula, CEO of EDOMx, affirms the company’s commitment to continuous improvement and evolution, stating, “We are just getting started – there is much more in the pipeline that enables everyone to enjoy what we have to offer. We care about doing business in a way that is consistent with our values, as much as we value the well-being of our customers and the growth of our partners’ businesses.”

Accessing the Faraja service is quick and effortless. Customers can opt-in or make payments by dialing *799# or selecting the Faraja mini-app on the M-PESA Super App. Moreover, customers can purchase multiple items simultaneously under Faraja as long as the total amount remains within their assigned credit limit.

Safaricom’s CEO, Peter Ndegwa, emphasizes their commitment to empowering businesses, stating, “We continue to innovate M-PESA to empower business owners with different tools and solutions to run their businesses better and to faster grow their firms. We are glad to partner with EDOMx to offer Faraja, empowering any business to grow their sales by enabling their customers to buy now and pay later.”

The Faraja service aims to unleash the potential of business owners by facilitating instant purchases and deferred payments. By providing a solution for customers who encounter financial constraints at the point of sale, Faraja empowers businesses to capture missed sales opportunities and fuels their growth.

Businesses on Lipa Na M-PESA can effortlessly opt into Faraja through the Faraja portal at farajacredit.com or by contacting EDOMx directly. Currently, customers can avail the service at numerous outlets, including Naivas, Goodlife pharmacies, City Walk, and other partnering merchants.

When customers make a payment through Faraja, businesses receive full payment immediately for the product or service. To facilitate the expansion of Faraja, Safaricom has enabled EDOMx to offer the service to over 606,000 businesses on Lipa Na M-PESA, subject to a mutually agreed facility fee payable by the business.

EDOMx, in turn, extends credit to businesses on the platform, ensuring swift and seamless receipt of payments for purchases made through Faraja.

With the introduction of Faraja, Safaricom and EDOMx have taken a significant stride toward revolutionizing the digital financial sector and fostering inclusive growth. This partnership empowers both businesses and customers, offering a seamless and flexible credit option that drives sales and supports the expansion of the digital economy.

As Safaricom and EDOMx continue to innovate and embark on this exciting journey, the prospects for Faraja’s success and global uptake appear promising.

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