Kenyans borrowed at least KSh2.3 billion on Safaricom’s mobile money overdraft product, Fuliza daily in the year ended March 31, 2024.
According to the company’s data, the amount borrowed on Fuliza everyday can help to help the government carry out a huge project.
The telco’s financial results released in Nairobi on Thursday, May 9 indicates that uptake of the loan rose by 18.9 per cent year last year from KSh701 billion to Sh834 billion a year earlier.
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Safaricom has said that the increase in loan taking is as a result of the affordability nature of Fuliza as a fit-for-purpose solution to the market.
Also, Fuliza subscribers increased by 100,000 to 7.5 million from 7.4 million in 2022.
Safaricom’s chief finance officer Dilip Pal said, “We reduced Fuliza rates by nearly 50 per cent in the second half of the last fiscal year. The value of disbursements went up by 18.9 per cent per cent year on year from Sh701 billion to Sh834 billion attesting to the affordability nature of Fuliza as a fit-for-purpose solution to the market.”
By our reporter
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