The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Africa: Safaricom’s new overdraft facility ‘will boost revenues’ for M-Pesa

Launched in January, Fuliza has already attracted more than four million customers, and Bob Collymore, CEO of Safaricom, hopes the product will reach all 21 million M-Pesa customers in Kenya.


Safaricom has signed up more than four million customers to its new overdraft facility Fuliza, extending $170 million in credit since its launch in January.

The new overdraft facility was born out of necessity, explains Bob Collymore, CEO of Safaricom, during an interview with Euromoney in Nairobi.

“When we looked closely at the data we collected from our M-Pesa customers, we saw that on a daily basis, over half of them were not able to complete transactions because the customers didn’t have enough money in their accounts.

“But we know that these people are not poor – that they have the money. This is because the data shows that two days later, these transactions were usually completed. Fuliza aims to close this gap,” he says.

M-Pesa, Safaricom’s mobile money-transfer service, has a base of 21 million active customers. Ideally, the company would want all of them to use the overdraft facility, says Collymore.. 

It is revolutionary – like nothing we have seen in Kenya so far - George Bodo, banking analyst

Algorithms based on historical M-Pesa transactions are used to set overdraft limits.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree