Safaricom and Huawei have jointly received the prestigious Most Innovative Service “the Business of Tomorrow” award at AfricaCom 2019 in Cape Town.
This award recognizes the two companies for offering the new revolutionary Mobile Money Overdraft service, known as “Fuliza”.
This service enables users with insufficient funds in their M-PESA accounts to borrow money to complete their M-PESA transactions.
The service was officially launched in January 2019 and has been gaining popularity in Kenya where Safaricom has over 23.6 million M-PESA users.
Kenyans transacted over KES 6.2 Billion (USD 62M) in Fuliza’s first month after its launch.
Michael Joseph, CEO, Safaricom said,
“M-PESA continues to play a leading role in deepening financial inclusion in the country.
Fuliza enriches our mobile financial services portfolio further fulfilling our promise to always provide our customers with relevant products and services that meet them at their point of need.
We are glad to partner with Huawei in bringing this commitment to life.”
Fuliza is empowered by the Huawei Mobile Money Finance Overdraft Platform which allows design, development and deployment of innovate finance products.
This platform was created to enable credit overdraft facilities in multiple payment scenarios in a highly secure and stable way.
Over the years, Huawei has been working with Safaricom in improving its mobile financial services and developing new products, especially for loans and savings which can bring many benefits to individuals but also to SMEs to help grow their businesses.