Shocking Report Reveals 21 Million Kenyans Fuliza Sh 245 Billion
If you are a Kenyan, then chances are high that you when you were transacting with Mpesa, you used fuliza. So it’s safe to say that not only the country takes loans, but the citizens are living on a loan.
It is fascinating how Safaricom processes 492,480 loans request every single day to bail out 21 million Kenyans who are in a tight spot. This means that Safaricom approved fuliza requests for 6 Kenyans every second.
Safaricom launched Fuliza in 2019 as an overdraft facility that enables a customer to complete M-Pesa transactions when they have insufficient fund. When it was launched Fuliza had 10.7 million customers, with Coronavirus shutting down the economy 20 million Safaricom users registered for Fuliza services transacting up to 392 million in 2020.
CEO of Safaricom, Peter Ndegwa, said that following the outbreak of COVID-19, the company has served as a vital lifeline to Safaricom subscribers.
With the lockdown restrictions being implemented in the country from March, a good number of Kenyans were forced to work from home while others lost their jobs. Safaricom company has continuously provided its customers with products and services that keep families connected.
According to the financial report, Safaricom has experienced a 32 percent increase in a fiber-optic network, this means that 142,000 residential homes have been connected to the internet. They have recorded a 23 percent increment in smartphones on its system, with 15 million people now using the devices.
As much as 1.7 million Kenyans have lost their jobs during the pandemic, Safaricom has sustained millions of works both directly and indirectly, increasing the Gross Domestic Product of Kenya by six percent.
The overall use of M-Pesa activities in the 2020 financial year went up 18 percent to Sh13.9 trillion as of the business zero-rated fees for transfers less than Sh1,000 at the outbreak of the pandemic.
Since 2012, Safaricom has been measuring its contribution to the economy by sharing the Sustainable business report to the public. This year the report showed that Safaricom operations contributed an estimate of Sh549.8 billion to the GDP.
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