Kenya’s biggest telecoms operator, Safaricom, says their customers have borrowed Sh 6.2 billion in one month on the new overdraft feature, Fuliza.
The Fuliza feature which was launched on january 5, allows M-Pesa users to send money or pay for goods and services even when they don’t have sufficient money in their M-Pesa wallet.
Safaricom rolled out Fuliza in collaboration with the Kenya Commercial Bank (KCB) and the Commercial Bank of Africa (CBA).
Under the service, M-Pesa subscribers are able to borrow up to Sh70, 000 which attracts a facility fee of 1.083 percent of the value of the credit.
‘The number of customers who have opted in (to Fuliza) is 4.2 million and 6.2 billion has been disbursed.” Said Chief executive Bob Collymore in a statement.
The Sh6.2 billion worth of revolving credit disbursed in one month is equivalent to an average daily lending of more than Sh200 million.
The fast-paced growth, if maintained, is set to boost the fees collected by Safaricom and the two partner banks.
The Fuliza loans attract a facility fee of 1.083 percent of the value of the credit.