Kenyans borrowed Ksh.151.4 billion from Fuliza in 2021
Quick loans from Fuliza surged by 43 percent to Ksh.502.6 billion in 12 months to April 2022 from Ksh.351.2 billion.
This was supported by 6.9 million Kenyans who enrolled on Fuliza from 5.9 million as of March 2021, a 16.4 percentage point increase.
Loan size on Fuliza was averaged at Ksh.345.20 in the review period, down from Ksh.446.20 previous year.
Repayment rate of the loans stood at Ksh.510.3 billion on the platform, pushing the service rate to 101.5 percent down from 98.4 percent in March 2021.
Fuliza contributed Ksh.5.9 billion in revenues to the telecommunication firm, a 31 percent growth in disbursements from Ksh.4.5 billion in 2020.
It outranks both KCB M-Pesa and M-Shwari in terms of quick loans via the M-Pesa platform.
According to Safaricom, which houses the three mobile money wallets, KCB-Mpesa loans plummeted by 9.4 percent to Ksh.46.3 billion from Ksh.51.1 billion while M-Shwari loans took an 8.9 percent nosedive to Ksh.94.5 billion from Ksh.86.1 billion.
KCB M-Pesa and M-Shwari have larger average loan sizes at Ksh.6,874 and Ksh.6,172 respectively.
Their repayments versus disbursal rate for KCB M-Pesa and M-Shwari were lower at 97 and 63.2 percent.