It is considered a lifesaver, a borrowing craze that does not need any embarrassment or any form of grilling or humiliation, the ultimate ride or die when it comes to desperate times when the pocket has nothing to offer but emptiness. This is the popular Fuliza loan that was launched by Safaricom back in January 2019. Done anywhere and by anyone who qualifies the simple rules Fuliza loaning facility has grown immensely and has served the needs of Kenyans bountifully.
In its astounding performance, the Fuliza Overdraft facility through Safaricom was rolled out in January 2019, to mobile money users and by the end of the year was recorded to have served Kenyans with Sh8 billion in eight days after its launch and Sh140 billion In loans in just nine months. Further growth saw Kenyans engage more in borrowing, and entry into the Covid area indicated increased borrowing from Kenyans with Fuliza loans hitting Sh1bn daily up from an initial Sh830 million.
But why the numbers? One would question, but right before we delve into this, latest statistics indicate that so far Sh1.2bn is borrowed per day from Fuliza which by the end of the year should culminate to over Sh300 billion in such a short period of 12 months. These numbers are critical as it depicts Kenyans have a progressive need for loans in their daily lives and the increased growth is also an indicator that the loans are being well serviced and contributing to development of people’s livelihoods in one way or the other.
This borrowing is done as a necessity to leverage on what is undertaking and most often than not has enabled progress and timeliness in payments of bills in businesses, basic essentials and even school fees. This is how many progress through avoiding delays that would slow down an individual’s progress in accessing their necessities which is arguably a borrowing concept that illustrates how countries borrow to enhance development.