Cape Town, South Africa, Nov. 14, 2019. Safaricom and Huawei have jointly received the prestigious Most Innovative Service “the Business of Tomorrow” award at AfricaCom 2019 in Cape Town.
The award recognizes the two companies for offering the new revolutionary Mobile Money Overdraft service, known as “Fuliza”. The 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.
David Chen, Director of Marketing & Solution Sales for Huawei Southern Africa Region said: “Financial services requires security and stability. These two elements are in the DNA of all Huawei’s ICT solutions. We have focused on building a world-class application programming interface (API) to enable the local ICT ecosystem to tap into M-PESA to serve the needs of our client for business success and nurture the digital economy from a macro perspective.”
AfricaCom is Africa’s biggest telecoms and technology event which takes place annually in Cape Town, South Africa. This year, during this 3-day event Huawei showcased its end-to-end 5G ability, facilitating the industry’s digital transformation through innovative tools, platforms and solutions and explored new opportunities that are emerging for the industry from these new technologies.
Listed on the Nairobi Securities Exchange and with annual revenues in excess of KES 200 Billion, Safaricom invested KES 38 billion in infrastructure this year, providing over 93% of Kenya’s population with 4G and 3G coverage and providing 2G coverage to 96% of Kenyans. Safaricom has harnessed its proprietary fibre infrastructure to build a dedicated enterprise business, which provides managed I.T. services to clients in the East African region.