Safaricom Launches Shari’ah-compliant Mobile Loan Product, Halal Pesa

From (L) to (R) Safaricom's PLC Tribe lead payments, Boniface Mungania, Safaricom Chief Special Project, Joseph Ogutu, Gulf Africa Bank, Managing Director, Abdalla Abdulkhalik, Safaricom's CEO Peter Ndegwa and Deputy CEO Anui Mediratta, Gulf African Bank pose for a photo at the Halal Pesa launch in Fort Jesus, Mombasa County.

Halal Pesa, a Shari’ah-compliant mobile financing solution, has been launched in partnership with telco Safaricom and the Gulf African Bank.

This makes the product the first Shariah-compliant mobile and digital financial solution in Kenya.

According to a statement from Safaricom, customers accessing financing through the service will receive the amount requested in full with a repayment period of 30 days at a 5% commodity Murabaha margin.

On the whole, Halal Pesa seeks to empower M-PESA customers who have previously been locked out of access to financing due to barriers such as lack of Shariah modelled mobile facilities.

All M-PESA customers can access Halal Pesa as a Mini App under the “Grow” option on the M-PESA Super App and by dialling *334# under “Loans and Savings”.

Customers will initially be provided with a personalised facility limit based on their M-PESA usage. The limit can be increased based on a customer’s usage of Halal Pesa.


“Kenya is now a highly innovative, interconnected and fast-paced community that requires solutions on the go. All our digital offerings including Halal Pesa, seek to directly address this aspect. Our current strategy is focused on digitization for financial inclusion. Our aim is to provide instantaneous access to interest-free credit through Halal Pesa. We are glad that we could partner with a like-minded partner like Safaricom limited to advance this vision,” said Abdalla Abdulkhalik, MD – Gulf African Bank.

“We remain keen on partnerships that enable us to provide a wide variety of financial solutions that meet the diversified needs of our customers further broadening financial inclusion to ensure that we leave no one behind. Gulf African Bank is a strategic partner that will enable us deliver affordable and convenient M-PESA services such as Halal Pesa that are Shariah compliant in accordance to the Islamic faith,” said Peter Ndegwa, CEO -Safaricom.


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