Kenyans are taking 1.2 billion shillings as an overdraft/loan from Safaricom's Fuliza product. This means Kenyans are taking at least 50,000,000 shillings per hour from Fuliza.
Is Fuliza the new wave in Kenya’s financial sector that is sweeping everyone along the way and there is nothing competitors can do about it? Who has not heard about Fuliza? Or rather, who is not using Fuliza in Kenya on a daily basis?
Now, imagine this. Kenyans are taking 1.2 billion shillings as an overdraft/loan from Safaricom’s Fuliza product. This means Kenyans are taking at least 50,000,000 shillings per hour from Fuliza. This is a huge amount of money. Right?
According to the released data, the amount of cash disbursed on Fuliza hit 220.38 billion shillings over the six months to June, marking a 25 percent jump from Sh176 billion in a similar period last year.
The jump in overdrafts translates to 1.2 billion shillings daily borrowing between January and June this year, compared to 972.3 million shillings over a similar period of 2020. This also shows that Kenyans are finding solace in Fuliza as the economy bites.
Fuliza is an NCBA Group product in conjunction with Safaricom. It is a product that the borrower cannot run away from because the cash is deducted as soon as the borrower gets money in his/her M-Pesa wallet. Experts say the numbers are likely to double as the year moves on.
To apply for Fuliza M-Pesa, you must be a registered M-Pesa customer with an active Safaricom line. The line must have been active for the last six months to use the Fuliza service.
You can opt into the service by dialing *234# from your Safaricom line. Or you can use the MySafaricomApp to opt into the service
Once activated via USSD code, it automatically kicks if they fall short of funds when using Lipa Na M-PESA services or sending cash. Users, however, cannot withdraw from Fuliza.