Safaricom’s Fuliza Loans Rise 49% to Ksh1.47T Amid Growing Credit Dependence

Kenyans’ appetite for quick mobile credit is continuing to grow, with new figures from Safaricom showing a sharp rise in borrowing through its Fuliza overdraft service even as household budgets remain under pressure.

For the financial year ended March 2026, Safaricom reports that disbursements through Fuliza climbed 49 per cent to Ksh 1.47 trillion, underlining how deeply the service has been woven into everyday transactions on M-Pesa.

The overdraft facility, which allows users to complete payments even when their M-Pesa balances are insufficient, has become a quiet but constant safety net for millions of Kenyans.

At the same time, revenue from Fuliza also strengthened, rising 46 per cent to Ksh 6 billion over the period. Safaricom says the growth was supported by an expanding customer base, with Fuliza users increasing to 17.7 million. This means more people are now relying on small, instant credit to bridge gaps in daily spending.

A notable shift, however, is the shrinking size of each loan. The average Fuliza advance dropped to about Sh218, down from Sh241 previously. While the change may look small on paper, it points to a bigger behavioural trend: more frequent borrowing in smaller amounts, often to cover basic needs such as transport, food, and airtime.

Analysts link this pattern to ongoing pressure on household incomes, with many consumers turning to short-term mobile credit as wages struggle to keep up with the cost of living. The rise suggests that Fuliza is no longer just a convenience tool, but increasingly a survival mechanism for a large section of users.

In contrast, other digital lending platforms within the same ecosystem showed mixed performance.

M-Shwari recorded slower activity during the year, with loan disbursements easing slightly to Sh95 billion from Sh96.4 billion. Its revenue also dropped 14.1 per cent to Sh1.9 billion, while active users fell to seven million. The decline signals reduced borrowing appetite or tighter lending conditions within the service.

On the other hand, bank-backed mobile credit platforms posted stronger growth.

KCB M-Pesa saw loan disbursements rise 30.3 per cent to Sh73.8 billion, supported by increased demand for instant credit. Revenue from the platform also improved, reaching Sh1 billion, reflecting steady usage among both salaried workers and small business operators.

Similarly, Equity Bank’s digital lending product Timiza recorded Sh28.5 billion in disbursements, marking a 9.7 per cent increase compared to the previous year. The growth, though moderate, shows continued reliance on app-based lending as part of everyday financial management.

Taken together, the numbers paint a clear picture of Kenya’s evolving credit landscape. Mobile overdrafts and instant loans are becoming a regular feature of household cash flow, especially in urban and peri-urban areas where income is often irregular, and expenses are immediate.

While these services have made credit more accessible than ever before, the rising reliance on small, short-term borrowing also highlights a deeper economic strain. For many users, mobile loans are no longer about convenience or emergencies alone, but about filling persistent gaps between income and daily survival costs.