Airtel Kenya and Faulu Kenya yesterday announced a partnership that would see Airtel Money customers’ access short term loans on their mobile phones via Airtel Money.

Click here for more information.

This service will enables users to access cash advances for emergencies or airtime. Top up facilities are also available.

Below is the amount one can borrow plus applicable charges:

The partnership is planning to increase the amount to be borrowed from the current KES 10,000 to KES 75,000 by the end of the year.

The interest rate will range between 3% to 10% depending on the amount borrowed.

This loan service is only available to customers who have been active on Airtel Money for at least 6 months. The customers must have made at least 4 transactions on Airtel Money per month in the last 3 months and should have arrears free history for the last 2 months on Airtel cash advance.

Eligible Airtel customers can apply for the loan from the comfort of their mobile phones by dialing *305# and following the menu to access the loans.