Safaricom’s Fuliza overdraft platform has grown to 17.7 million users while the average amount borrowed by customers has fallen sharply over the past seven years, according to the company’s latest financial results.
The data highlights increasing dependence on short-term mobile credit among Kenyan households as economic pressure and declining purchasing power continue affecting consumers.
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Fuliza Users Rise as Loan Sizes Fall
Safaricom said the average Fuliza loan size declined from KES 622.7 in the 2020 financial year to KES 217.9 in FY26, representing a drop of about 65%.
The platform, which allows M-PESA users to overdraw their mobile wallets for short-term transactions, was introduced in 2019 as a digital overdraft facility.
Despite the smaller average borrowing amounts, the number of Fuliza users expanded rapidly during the same period.
Fuliza Users Reflect Household Pressure
According to Safaricom, Fuliza users increased from about 700,000 in FY20 to 17.7 million in FY26.
The platform added approximately 9.8 million users within a single year, representing growth of more than 124%.
Currently, around 44% of M-PESA’s roughly 40 million users are enrolled in Fuliza, compared with about 19.75% a year earlier.
Poverty and Falling Purchasing Power
Economic analysts say the growth in Fuliza users reflects deeper financial strain across Kenyan households.
The Institute of Public Finance previously reported that nearly half of Kenya’s population lives below the poverty line, with more than 23 million people unable to spend above KES 387 per day.
Separately, the Kenya National Bureau of Statistics estimated that 39.8% of the population lives below the national poverty threshold.
The Institute of Public Finance also reported a 4% decline in real average wage earnings across the public and private sectors between 2022 and 2024.
Fuliza Revenue Continues Growing
Even with smaller individual loan amounts, total disbursements through Fuliza reached a record KES 1.4658 trillion in FY26 due to the expanding customer base.
The service generated KES 6 billion in revenue for Safaricom and its banking partners, including NCBA Bank, KCB Group and Sidian Bank.
That figure exceeded revenues from M-Shwari, another major mobile lending product linked to M-PESA.
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Tax and Cost-of-Living Pressure
The report also points to broader economic policies affecting household incomes under President William Ruto’s administration.
Recent measures include higher National Social Security Fund contributions, the Affordable Housing Levy, Social Health Insurance Fund deductions and increased fuel-related levies.
At the same time, the removal of fuel and food subsidies has contributed to rising living costs.
Outlook for Fuliza Users
The rapid increase in Fuliza users suggests digital microcredit will remain central to short-term financial survival for many Kenyans.
However, economists warn that growing reliance on small overdraft borrowing may also indicate weakening household resilience and increasing dependence on debt to cover everyday expenses.
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