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Safaricom CEO explains why Fuliza was launched

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Safaricom CEO, Peter Ndegwa has said Fuliza was launched as an emergency proposition for customers who couldn’t finish their transactions.

Speaking during and interview with Citizen TV, Ndegwa said the company reduced the cost of Fuliza in 2022 by 50 per cent to allow customers to afford it.

“We realised that 50 per cent of our customers transactions were not being completed because of lack of credit,” he said.

“We also zero-rated the overdraft for the first three days in terms of costs, as customers will now deal with a need they have instantly,” he said.

Ndegwa also said going forward the company will be reviewing the product to make it more affordable to hustlers.

“When they transact for instant Sh1100, and they don’t have the Sh100, it will be easier to Fuliza the remaining amount instantly at an affordable rate,” he said.

The Safaricom boss added that Fuliza will not go anywhere even as the Kenya Kwanza’s Hustler Fund turned out to be successful.

He explained the difference between Fuliza and Hustler Fund.

“Our customers pay Fuliza overdraft at a limited time of five days, as Hustler Fund is a personal term loan to be paid after 14 days,” he said.

Fuliza was launched in 2019, and debt recovered from M-Pesa balances automatically.

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