Safaricom customers borrowed Sh140 billion from the company’s MPesa overdraft facility, Fuliza in under nine months of operations.
Launched in January this year, the overdraft service allows Mpesa users to send money or pay for goods and services even when they do not have sufficient money in their Mpesa wallets.
Under the service, Mpesa subscribers are able to borrow up to Sh50,000 which is repaid at an interest of 0.5 percent per day.
Safaricom rolled out Fuliza in collaboration with the Kenya Commercial Bank (KCB) and the Commercial Bank of Africa (CBA).
In the nine-month period since its launch, the overdraft service boosted Safaricom’s MPesa revenues, raking in Sh1.6 billion in earnings for the telco, according to Citizen Digital.
“As a product, it really works well for us and hence we would expect to see growth in the service,” Safaricom acting CEO Michael Joseph said.
MPesa users can access Fuliza by dialing *243# or by using the mySafaricom app.
