Editor's Review

Report reveals Kenyans took Ksh245 billion loans through Safaricom's Fuliza.

A report revealed that Kenyans have taken loans amounting to Ksh245 billion through Safaricom's Fuliza.

According to a report in the 2020 financial year, Safaricom processed about six loan applications on its Fuliza loan product per second.

Safaricom processed six transactions or 492,480 overdraft requests per day, a growth which is more than 10 times over the same period in the previous year.

The information released in Safaricom's sustainability business report, also indicated overall, transactions rose to 392 million from 46 million in the previous financial year.

Growth in a year

The number of customers registered on Fuliza also increased to 20 million from 10.7 million in 2019.

Safaricom chief executive officer Peter Ndegwa stated that the company was a crucial saver to subscribers following the outbreak of the Covid-19 pandemic.

“Since March, a good number of Kenyans have worked from home and during this time, Safaricom’s team has ensured our products and services keep our customers connected to their families and livelihoods,” the CEO explained.

According to the report, Safaricom sustained a million jobs directly and indirectly in 2020 and contributed six per cent to Kenya’s Gross Domestic Product (GDP).