Peter Ndegwa, Chief Executive Officer, Safaricom PLC [Wilberforce Okwiri, Standard]Kenyans borrow nearly a billion shillings a day through Safaricom’s overdraft facility Fuliza. This had many of them seeking short-term loan facilities such as Fuliza and Mshwari to meet daily expenditure. Fuliza, which was launched in early 2019, has now overtaken Mshwari – which Safaricom runs in partnership with NCBA – and KCB M-Pesa, in terms of the loans advanced to M-Pesa customers. In comparison, Mshwari advanced loans valued at Sh94.5 billion to borrowers on Safaricom’s mobile money platform. According to Safaricom, Mshwari has four million one-month active customers, although this is a decline from 4.7 million last year.

Source: Standard Digital May 13, 2021 21:00 UTC