Kenyans borrowed an average of Ksh906 billion through Fuliza, a Safaricom money lending product, in the year ending December 31, 2024.
The data, collected by the National Commercial Bank of Africa (NCBA), revealed a 14.8% increase compared to previous periods.
NCBA Group PLC disbursed a total of KES 1.0 trillion in digital loans, marking a 23% increase compared to the previous year.
However, in 2024, M-Shwari loans declined by 3.5%, which is a total of 98 billion.
Fuliza and Other Loaning Apps
Additionally, Loop B2C, NCBA’s fully integrated digital platform offering payments and banking services via mobile, web, and card channels, disbursed Ksh 2.5 billion, which was a 108% increase from the previous year.
| Product | Partner | Customer #s (31 Dec 2024) | Loans Disbursed (Volume Count) | Loans Disbursed (Value) |
|---|---|---|---|---|
| M-Shwari | Safaricom | 32.0mn | 210.7mn | $6.06bn |
| LOOP | A fully integrated digital platform with both payments and banking services | 422K | 887K | $48.0m |
| Fuliza | Safaricom | 33.4mn | 7.54bn | $22.4bn |
| M-PAWA | Vodacom | 6.5mn | 12.8mn | $157.1mn |
| MoKash Uganda | 12.1mn | 29.0mn | $659.5mn | |
| MoKash Rwanda | 4.6mn | 8.6mn | $266.6mn | |
| MoMoKash Ivory Coast | MTN | 6.6mn | 4.0mn | $113.0mn |
Loans Borrowed Since Inception
Further, since its inception in 2019, Fuliza disbursed a cumulative total of Ksh 2.9 trillion in loans.
While M-Shwari, a mobile banking service offering both savings and loan products, disbursed a total of Ksh 787 billion in loans.
Since its launch in 2017, NCBA’s Loop B2C platform has steadily grown, disbursing a total of Ksh 6.2 billion in digital loans.
Also Read: How to Increase Fuliza Limit for Safaricom Users
Safaricom: Kenyans Borrowed Ksh 2.3B Daily in 2023
In the year ending March 31, 2024, Safaricom’s mobile money overdraft product, Fuliza, saw daily borrowing of at least Sh2.3 billion, according to the company’s data.
Safaricom attributes this to Fuliza’s affordability, making it a suitable solution for the market. The number of Fuliza subscribers grew by 100,000, reaching 7.5 million, up from 7.4 million the previous year.
The number of Fuliza subscribers grew by 100,000, reaching 7.5 million, up from 7.4 million the previous year. As a result, the average loan size decreased to Sh306 from Sh320 in the first half of the year.
Also Read: Ruto Orders Safaricom to Suspend Paybill Numbers for 58 Companies
Borrowing in 2022
In the year 2022, Kenyans heavily relied on Safaricom’s Fuliza, with daily borrowing surging to Sh1.37 billion, totalling Ksh502.6 billion over the 12 months to March 2022.
Additionally, Safaricom’s Fuliza service experienced growth, with Kenyans borrowing approximately Ksh 20 billion worth of airtime through the platform.
In response to customer demand, Safaricom reduced the daily charges for airtime overdrafts by 50%, making the service more affordable and accessible.
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