Every second Safaricom processes Six transactions or Ksh. 492,000 overdraft requests per day as broke Kenyans take a record Ksh. 245 Billion fuliza loans. – By Enock Mukoma
In a span of just one year, 20 millon Kenyans have been registered and eligible for fuliza services in 2020. This is in sharp contrast to 2019 which stood at 10.9 million.
In the wake of covid-19 many resorted to the overdraft services with overall transactions standing at 392 million up from 46 million in the previous financial year.
Safaricom CEO Peter Ndegwa says, the company has provided a crucial lifeline to subscribers following the outbreak of the pandemic.
Fuliza charges 1% interest per day. When annualized, we are looking at 365% interest p.a. not counting the 1% facility fee charged with every transaction. We have the biggest corporate running a Shylock business
Kenyans take advantage of fuliza since one can overdraft more than once, daring Kenyan businessmen and youth continue to wallow in a debt trap during these hard economic times.