Safaricom Loan Defaulters to Expect Auctioneers at Their Doorsteps
Safaricom Loan Defaulters to Expect Auctioneers at Their Doorsteps.
Safaricom has decided to collaborate with debt collectors and auctioneers in the recovery of loans. The mobile lender has previously been relying on CRB to tame defaulters.
The M-Pesa zero interest loans will allow lenders to buy items ranging from Ksh 20 to Ksh 100,000 which are to be paid later.
To access the M-Pesa zero interest loan a subscribed borrower will be required to dial *799# and select the OPT in the opt-in option. Transactions are then facilitated up to the maximum limit of the borrower.
The loans are repaid through the same dial, one at a time after selecting the transaction to be paid. M-Pesa is the mode of payment for the loan which will require the borrower to submit their pin.
After payment notification is sent to the subscriber confirming the payment details.
In a statement released by Safaricom, the Tech guru explained;
At any time after an event has of default has occurred which is continuing, we may, without prejudice, to any other right or remedy granted to us under any law, take reasonable measures including engaging an independent debt collection agency, to recover the amount in default and/or submit information concerning the event of default to Credit Reference Bureau, subject to applicable laws.