.@SafaricomPLC customers can now buy airtime through the telco’s overdraft facility Fuliza which was launched in 2019 to address the issue of failed transactions on M-Pesa. - @BD_Africa
It will enable users access significantly larger airtime amounts than they currently can through Okoa Jahazi.
This marks a significant expansion of the overdraft by the telco which has quickly become one of the largest money-makers for the company since its launch in early 2019.
This marks a significant expansion of the overdraft by the telco which has quickly become one of the largest money-makers for the company since its launch in early 2019.
The service is an alternative to the credit overdraft facility Okoa Jahazi that allows users to borrow airtime when their balance reaches below Sh5 and are charged a facility fee of 10% on each round of borrowing.
.@SafaricomPLC financial results for the half-year to September released this month shows the company disbursed Sh242.6B in the 183-day period, a 62.4% increase from a similar period last year when it loaned out Sh149.4B through the facility.
Fuliza now has 1.7M active daily users and has dwarfed @SafaricomPLC other loan products, @KCBGroup M-Pesa and M-Shwari, which were launched by Safaricom years before Fuliza, underlining its popularity.
Fuliza, an overdraft facility earned @SafaricomPLC revenues of Sh2.8B in the half-year period, a 32.2% increase from Sh2.1B it earned the company in the same period last year.
It is also the best performing in terms of repayment rate especially due to its unique model of automatically deducting outstanding dues from any receipts in the borrower’s M-Pesa account.
ICYMI: @SafaricomPLC customers can now buy airtime using #Fuliza the overdraft facility bit.ly/3cVjW3b via @BD_Africa
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