Safaricom has addressed a plea from a Kenyan man seeking restoration of his Fuliza loan limit. The individual turned to social media, urging the telecommunications company to consider the prevailing economic circumstances.
As per the Kenya National Bureau of Statistics (KNBS), the inflation rate in Kenya rose to 6.9% in January 2024, marking an increase from 6.8% in December 2023.
The surge was linked to escalating food and fuel prices, compelling Kenyans to seek additional financing to cope with the heightened cost of living.
"Hey safaricom, Mnaweza nirudishia fuliza jamani mtafanya poa na hii economy (Hey Safaricom, would you please restore my Fuliza? It will be useful during this tough economy)," read the man's request in part.
In reply, Safaricom requested the individual to provide his details, including his phone number, to facilitate the process of increasing his Fuliza limit.
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Fuliza, M-Shwari, and KCB M-Pesa have established their dominance in Kenya's digital lending sector, capturing 91% of mobile loan users, as revealed by a survey conducted by the Competition Authority of Kenya (CAK).
The study highlighted that M-Shwari, Fuliza, and KCB M-Pesa are the preferred choices for borrowers, underscoring Safaricom's significant influence in the digital lending landscape.
Despite the availability of various digital lending alternatives, a limited number of regulated banks, especially those providing products on the M-Pesa platform, have asserted their control over the market.
