TechInAfrica – The recently held AfricaCom 2019 in Cape Town has crowned both Safaricom and Huawei as the Most Innovative Service “The Business of Tomorrow”, a prestigious annual award dedicated to companies that offer unique solutions for their users.
The two companies have been offering a revolutionary Mobile Money Overdraft service, which is known as ‘Fuliza’, that enables users with insufficient funds in their M-PESA accounts to borrow money to complete the on-going transactions. It was launched in January 2019 and has since gained traction in Kenya, where Safaricom has registered 23.6 million M-PESA users, with over KES 6.2 billion (USD 62M) transacted in the first month of Fuliza’s launch.
“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,” says Michael Joseph, CEO of Safaricom.
Both Huawei and Safaricom has cemented a long term partnership from years ago, and Fuliza is their latest collaboration together, where the service is powered by Huawei’s Mobile Money Finance Overdraft Platform that allows the design, development, and the deployment of innovative finance products, especially to provide credit overdraft facilities in secured and stable multiple payments.
More on the security and stability emphasized by Director of Marketing & Solution Sales for Huawei Southern Africa Region David Chen, where he mentioned the significance of the two elements in all of Huawei’s ICT solutions. “Financial services require 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.”