NCBA records 17 million new Fuliza customers

Photo: NCBA Group Chief Executive Officer John Gachora

NCBA Group says it added 16.8 million customers to its short-term loans service Fuliza in the year ended December 2022.

In its latest annual report, NCBA says that the customers on the platform, which has daily charges for loans that are repaid within a month, had increased to 33.9 million in the review period.

This was up from 17.1 million in 2021.

The surge in users came amid a significant reduction in the fees charged on the platform, which is a partnership between Safaricom and two banks –NCBA and KCB Group.

“We have continued to assess the evolution of consumer behavior and the economic conditions to identify ways in which we can further enhance the utility of our digital financial services,” says NCBA.

“Towards this end, we introduced changes to Fuliza pricing. We waived the daily maintenance fee, and up to 80 percent of Fuliza borrowers can now access the digital overdraft at zero maintenance fee.”

According to the bank, use of Fuliza increased substantially last year compared to 2021.

The volume of borrowing transactions on the platform increased by 1.3 billion to Sh3.6 billion.

The value of the loans disbursed on the other hand increased by $2.78 billion to reach a cumulative $11.9 billion since the service was launched in January 2019.

The bank added that the average borrowed amount surged 29 percent to Sh302.

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