Customers for the biggest credit service for NCBA, Fuliza, have increased by 16.8 million for 2022.
According to the released report, a bigger percentage of the borrowers were for the short loan facilities, with the usage going up to 33.9 million from 17.1 million in 2021.
NCBA, in partnership with Safaricom first unveiled M-Shwari in 2012 and later rolled out Fuliza together with KCB.
Customers using Fuliza are charged a 1% fee on the amount borrowed and Sh36 more everyday if the loan is not repaid in time.
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The rise in the number of borrowers can be credited to the reduction of fees charged upon borrowing.
In 2022, daily fees on the overdraft facility were Sh1,000 and Sh1500, reduced from Sh20 to Sh18.
In the three-month period ending March this year, NCBA’s profit after tax grew by 49 percent to Sh5.1 billion, attributed to higher operating income.
