Fuliza Nets 17 Million More Customers As Kenyans Borrow More

By Juma / Published May 30, 2023 | 11:03 am

KEY POINTS

The volume of borrowing transactions on Fuliza increased by 1.3 billion to Sh3.6 billion. The value of the loans disbursed on the other hand increased by $2.78 billion (Sh384.6 billion) to reach a cumulative $11.9 billion (Sh1.6 trillion) since the service was launched in January 2019.

At least 16.8 million new customers joined Fuliza in the financial year ending December 2022. Customers on Fuliza have now increased to 33.9 million in the review period. This was up from 17.1 million a year earlier according to stats from NCBA Bank.

“We have continued to assess the evolution of consumer behavior and the economic conditions to identify ways in which we can further enhance the utility of our digital financial services,” NCBA says in the financial report.

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A zero-free period of three days was introduced on amounts ranging from Sh101 to Sh1,000. Those borrowing Sh500 beyond the three days now pay a fee of 2.5 shillings which was halved from the previous 5 shillings. The one-off access fee remained unchanged at one percent.

This year, Safaricom Plc rolled out an overdraft facility that will see businesses borrow up to 400,000 shillings via M-Pesa, in a new move that will give commercial banks a run for their money and see most SMEs in Kenya benefiting in boosting their businesses.

Known as Fuliza ya Biashara, the product will apply when making transactions from a Lipa Na M-Pesa business to other till numbers and pay bill numbers, when sending money to an individual, and when withdrawing to the nominated number or at an Agent.

The service will advance an overdraft of up to 400,000 shillings with a 24-hour interest-free period. “We launched Lipa Na M-Pesa as a way for businesses to conveniently receive cashless payments through their mobile phones, whenever they are,” Safaricom CEO Peter Ndegwa said.

About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it.(020) 528 0222 or Email: info@sokodirectory.com

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