Almost Sh9.7b borrowed on Safaricom's Fuliza
Kenyans borrowed Sh9.67 billion weekly via Safaricom's overdraft service Fuliza in the year ended March as an additional one million customers joined.
The latest overdrafts translate to Sh9.7 billion weekly borrowing between April last year and March this year—a 43.1 per cent rise when compared to Sh6.75 in the preceding similar period of 2020/2021.
The review period saw an additional one million customers join the service to send the total number of daily active Fuliza users to 6.9 million.
Safaricom charges Fuliza customers a one-off 1.083 per cent interest and a daily administrative fee that depends on the outstanding balance.
The Fuliza fee starts from Sh2 per day for a Sh100 overdraft and goes up to Sh30 per day for Sh2,500 and above.
Customers who do not clear Fuliza overdraft within 30 days are barred from utilising their unused Fuliza limit until they settle the outstanding amount.
