Peter Ndegwa

Safaricom has seen a surge in loan demand from merchants using their new overdraft facility with over 73,000 merchants taking the Fuliza loan, where a small business can borrow between Kes1000 and Kes400,000. The telco CEO , Peter Ndegwa says the product launched just early this month looks promising with the potential to reach the 600,000 merchants using Safaricom till numbers. Safaricom’s Fuliza product has been very popular for the retail market with about 8 million customers using the overdraft facility regularly. Last year, Fuliza disbursed Kes701.5 billion a 39.6 percent increase from Kes502.6 billion after Safaricom reduced the cost by up to 50 percent….