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Home / Business / Fuliza hit KSh29 billion lending mark as at the end of March 2019

Fuliza hit KSh29 billion lending mark as at the end of March 2019

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Fuliza has disbursed 29 billion between January 2019 and March 31. According to a recently released 2019 report which
covers fiscal year of 01 April 2018 to 31 March 2019, 10.7 million opt-in customers use the service out of the total 22.6 million M-Pesa subscribers. Simply put, out of two M-Pesa users, there is a high likelihood that one uses Fuliza.

Safaricom’s mobile overdraft service is the world’s first contextual mobile overdraft facility. The service allows M-Pesa customers to complete transactions when they have insufficient funds in their account.

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A customer can use Fuliza to Send Money, Pay bills and Buy goods through the Lipa na M-Pesa option. However, a user cannot withdraw the funds from their account like other Safaricom loan services.

Fuliza’s statistics are a reflection of Kenyans’ borrowing habits. The service processes 12 overdrafts per second.

The idea behind this service stemmed from a study that showed that up to 58% of M-Pesa transactions failed due to insufficient funds.

Fuliza charges a 1% access fee and a maintenance charge that varies depending on the amount borrowed. The service automatically deducts fund deposited in a customers’ M-Pesa account to settle the outstanding overdraft.

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