Kenyans have borrowed Kes45B via Fuliza in 4months

An estimated more than Sh45billion was moved through Fuliza platform between January and end of April this year since the product’s launch — a service that allows M-Pesa customers to complete their transactions when they have insufficient funds in their account.

A total of 8.8 million users have used the service, the latest service by telecommunications giant, Safaricom. Earlier in the year, during the launch of Safaricom’s Fuliza, the firm had anticipated to lend Sh200billion yearly. Judging by the latest figures, the firm looks certain to surpass that target owing the growing demand for the product.

This was revealed during  the mobile operator’s launch of its full year results in which it realised a 14.7 per cent increase in net profit to Sh63.4 billion for the year ended March 2019.

Service revenue grew by seven per cent to Sh240.3 billion derived largely from outgoing voice calls and Mpesa charges.

While mobile data revenue increased by 6.4 per cent to Sh38.69b, its messaging revenue declined by 1.3 per cent to Sh17.50b an indication that most people are turning to web based platforms like WhatsApp to send messages.

During the year, there was a 7.4 per cent increase in number of customers to 31.8 million, which supported the services revenue of growth of 7.0 per cent.

The directors have recommended for approval the payment of a normal dividend per share of Sh1.25 representing a total dividend of Sh50.08 billion.