Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Why Fintech lending could push the poor into debt trap
A customer prepares to use Safaricom’s M-Pesa. FILE PHOTO | NMG
In January 2019 Kenya’s telecoms giant Safaricom launched Fuliza M-Pesa, a lending platform hinged on the original cash transfer and bill settlement product, M-Pesa.
The uptake was phenomenal. Lending reportedly hit Sh1 billion in one week. By month end, total lending stood at Sh6.2 billion.
