Safaricom announced the launch of a new service to its Mobile Money service, M-Pesa, which allows subscribers to obtain a bank overdraft directly from their mobile phone. The service is known under the name of Fuliza and it authorizes users to borrow an amount reaching 50,000 shillings ($ 490.71) with a 0.5% interest per day.
Fuliza underwent a trial period throughout October 2018 in collaboration with Kenya Commercial Bank (KCB) and the Commercial Bank of Africa (CBA).
Bob Collymore, President and Chief Executive Officer at Safaricom, indicated that the service would allow customers to carry out their transactions such as purchase of goods, payment of invoices, sending money or whatsoever even if they lack funds.
Through this new value-added service launched on M-Pesa, next to M-Shwari and Lipa Na M-Pesa, Safaricom wants to increase the use of its Mobile Money service by its consumers. An upsurge in the use of Mobile Money would increase in its turn telecom revenues in the segment of the mobile market which is considered as a new growth driver in the telecommunications sector.