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
MTN Uganda has partnered with Kenya’s NCBA Group to introduce an overdraft facility via MTN Mobile Money.
The overdraft facility has been christened MoMoAdvance, the Fuliza version of Kenya, a move seen as a new strategy to put the Yoweri Museveni-led country into the fintech world.
The data from the Central Bank of Kenya (CBK) reveals that
an additional 3.045 million bank accounts were opened in 2020.
This means that there were over 11.42 million loan accounts
last year, an increase of more than a third from 8.38 million accounts in 2019.
According to CBK,
Safaricom is considering lowering the customer charges on
its M-Pesa, M-Shwari and Fuliza amid pressure from the government to curb
unregulated digital lending platforms who charge Kenyans exorbitant monthly
According to the operator’s acting CEO Michael Joseph, rates
will be lowered to ease access of their products, a plan
Safaricom outlaid an estimated Ksh81 billion in digital loans on its M-Pesa’s overdraft facility Fuliza in the six months to June 2019, to demonstrate the skyrocketing appetite for instant micro-loans in Kenya.
Safaricom outlaid an estimated Ksh81 billion in digital
loans on its M-Pesa’s overdraft facility Fuliza