Kenyans have been borrowing up to Sh19.9 billion worth of airtime through Safaricom’s Fuliza overdraft in the four months to March, indicating a growing reliance on credit facilities amid economic times.
Safaricom’s latest sustainability report revealed that since opening lines of credit to enable customers to use the overdraft facility to buy airtime via M-Pesa, an additional Sh19.9 billion in overdraft service turnover had been unlocked.
Launched in 2019, the Fuliza overdraft service allows M-Pesa users to complete transactions when they have insufficient funds in their mobile wallets.
Safaricom revised the fees charged on the service by 50% in an effort to make credit more affordable, leading to a significant increase in transaction volumes, values, and subscribers.
The Fuliza airtime service is an alternative to Safaricom’s airtime overdraft facility Okoa Jahazi, which allows users to borrow airtime when running on a low balance.
