Safaricom Fuliza revenue jumps 86% to $38M as borrowers double

Revenue soars, loan sizes shrink

Safaricom’s M-PESA overdraft facility Fuliza generated KES 4.9 billion ($38 million) in revenue in the six months ending September 2026, an 86% increase from the same period a year earlier. The service, a partnership with NCBA Bank and Kenya Commercial Bank (KCB), saw its borrower base nearly double to 17.2 million users, according to investor disclosures released in Nairobi this week.

The average Fuliza loan size fell 24.6% to KES 192 ($1.49), even as total disbursements rose 84% to KES 1.16 trillion ($8.97 billion). TechCabal calculates that Fuliza now accounts for 71% of the revenue from Safaricom’s six lending products—up from a smaller share a year ago.

Repayment ratios decline as borrowing base widens

Repayment performance weakened across Safaricom’s credit portfolio. Fuliza’s repayment-to-disbursement ratio slipped to 99.6% from 102.4% a year earlier, KCB M-PESA’s ratio dropped to 96.7% from 99.5%, and M-Shwari’s fell to 105.3% from 108%. Active customers for KCB M-PESA and M-Shwari both declined—by 7% and 5.8%, respectively—while Fuliza’s user base surged.

CEO Peter Ndegwa told investors that behavioral scoring and multiple funding partners are helping the company extend "responsible credit" and manage portfolio risk. However, Safaricom has not disclosed either the non-performing loan ratio for Fuliza or how credit risk is shared with its banking partners.

Credit outpaces payments revenue

Safaricom’s broader financials show the same pattern. Overall M-PESA revenue grew 13.6% to KES 100.07 billion ($775.7 million), while the company’s credit revenue jumped 54.4% to KES 7 billion ($54.3 million).

Earlier reporting on Kenya’s mobile money ecosystem noted a shift away from physical agents toward direct digital transactions. Fuliza’s growth aligns with that trend: smaller, more frequent advances appear to be replacing traditional cash-based lending for many users.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Safaricom’s results show two competing trends: rapid adoption of mobile credit is driving top-line growth, while smaller ticket sizes and slipping repayment ratios suggest borrowers may be under growing strain. For operators considering similar lending products, Fuliza’s dominance of Safaricom’s credit portfolio is a proof point—but the falling repayment-to-disbursement ratio (now 99.6%) signals elevated risk that partners and platforms will need to monitor closely.

Key takeaways

• Fuliza’s 86% revenue growth outpaces Safaricom’s overall M-PESA revenue growth of 13.6%, confirming mobile credit as the fastest-growing segment.
• The 24.6% drop in average loan size—while borrower numbers surged—points to a broader base of users taking smaller, more frequent advances.
• Repayment ratios for Fuliza, KCB M-PESA, and M-Shwari all declined, raising questions about asset quality amid rising loan volumes.
• With Fuliza generating 71% of Safaricom’s lending revenue, its performance now dictates the economics of the company’s credit strategy.

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