Tuesday
January 22
2019

Kenya’s Safaricom’s overdraft service exceeds expectations

By Duncan Miriri

Kenya’s biggest telecoms operator, Safaricom, notched up one million users for its new overdraft feature on the M-Pesa platform in just eight days, surpassing its CEO’s expectations, he said on Thursday.

Started 11 years ago as a service to allow Kenyans without access to the banking network to transfer money via mobile phones, M-Pesa now offers loans and savings in conjunction with local banks, as well as merchant payments services.

Safaricom, part-owned by South Africa’s Vodacom and Britain’s Vodafone, launched the new overdraft feature called Fuliza on Jan. 7 this year.

Photo courtesy of Internews Europe.

Source: Reuters Africa (link opens in a new window)

Categories
Finance
Tags
digital finance, digital payments, emerging markets, fintech, mobile banking, mobile money, Safaricom, telecommunications