Safaricom has announced that one can now be able to withdraw their Fuliza balance at an Mpesa agent, this is a welcome move to Fuliza users due to the fact that previously, one could only buy goods with their balance.
Reports indicate that Kenyans borrowed an average of Sh1.6 billion ($13.2 million) daily from Fuliza, in the first six months of 2022. In the first six months of 2021 alone, Safaricom earned Sh2.8 billion ($23 million) in revenue from Fuliza borrowings.
The facility is jointly operated by leading commercial banks NCBA and KCB and disbursed through Safaricom’s M-Pesa platform. Fuliza loans now make up 85.54% of digital loans disbursed by NCBA, Kenya’s third-biggest bank by assets.
This move is expected to a positive impact on Fuliza disbursements this quarter with more people taking it up. Reports indicate that by March 2022, Safaricom had disbursed Sh 502.66 billion worth of Fuliza disbursements, a 43.1% YoY increase with 101.5% repayment versus disbursal rate.