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|Kenyans borrowed about 81 billion on Safaricom's Fuliza in six months - report by Saocv(m): Mon Aug 2019 02:33pm|
A new report has revealed Kenyans have been on a borrowing spree in the past six months since telco giant Safaricom introduced overdraft facility dubbed Fuliza.
Since the facility was launched in November 2018, Safaricom has lent more than 80 billion Fuliza loans in six months between January 2019 and June 2019.
The report by Standard Investment Bank (SIB) showed the telecom company and its business partners, Commercial Bank of Africa (CBA) and Kenya Commercial Bank (KCB) Group, disbursed an estimated total of KSh 81 billion.
Commercial Bank of Africa contributed about KSh 54 billion to the facility, whereas KCB Group extended KSh 27 billion according to the SIB report.
The current formula for sharing revenue among the three partners is 40:40:20 for Safaricom, CBA and KCB Group respectively.
The CBA which offers digital loans to Safaricom's M-Pesa customers via M-Shwari and KCB which offers the same through KCB-Mpesa, are also the underwriters of the Fuliza facility.
Fuliza enables the more than 20 million M-PESA customers to access a top-up loan whenever they run out of cash when in the middle of transaction.
Looking at the recent data, Kenyans have been embracing the service.
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