Safaricom’s Half-Year Results Highlight Growth in Fuliza Service
Safaricom, one of Kenya’s leading telecommunications companies, released its 2025/2026 half-year results on Thursday, November 6, 2025, in Nairobi city. The company shared key insights into its financial performance and the growth of its digital services, particularly focusing on the Fuliza service.
During the period under review, the number of Fuliza service users increased by 1.6 million, bringing the total to 9.1 million from 7.5 million in the six months to September 2025. This represents a 22.1% growth in user base. Fuliza is a critical service that allows Safaricom users to complete transactions when they do not have enough money in their M-Pesa mobile money wallets. The service functions as an overdraft facility, enabling users to carry out essential transactions such as cash transfers between individuals, withdrawals at M-Pesa agents, payments, and airtime purchases.
According to Safaricom’s half-year financial results, Kenyans borrowed KSh 629.2 billion through the Fuliza service during the period under review, which marks a 39.8% increase from KSh 450 billion in the previous year. The service has become a significant contributor to Safaricom’s credit revenue, accounting for 59% of the total. It grew by 35% year over year, driven by affordable pricing and enhanced credit limits.
Fuliza volumes increased by 30% year on year to 2.6 billion, with values growing by 40% year over year to 0.6 trillion shillings. The average loan size also increased by 7.8%, from KSh 236.20 to KSh 254.60, reflecting a growing dependence on short-term digital credit among consumers.
Fuliza was introduced in 2019 and operates based on the user’s M-Pesa activity and history. Users can maintain a set limit that allows them to complete transactions even when their balance is insufficient. The service is offered in partnership with NCBA and KCB Bank, which act as underwriters.
The service charges different fees depending on the loan amount. For loans between KSh 101 and KSh 500, a one-time 1% access cost is applied. For loans between KSh 2,501 and KSh 70,000, the daily maintenance fee ranges from KSh 5 to KSh 30. Despite these costs, the service remains popular among Safaricom users.
However, according to the latest data, 17.8% of Safaricom’s 51.12 million 90-day total active users were yet to opt into the Fuliza service. This indicates a potential area for growth and further adoption of the service.
Growth in Other Services
In addition to Fuliza, Safaricom reported an increase in active monthly M-Shwari users, rising from 6.7 million to 7.9 million, a 17.6% increase from the previous year. However, total disbursements fell by 1.8% to KSh 48 billion, down from KSh 48.9 billion in 2024. The average loan amount decreased by 9.7% from KSh 10,170 to KSh 9,186.
Profit Performance
Safaricom recorded a significant rise in net profit, increasing by 52% to KSh 42.8 billion, compared to KSh 28.1 billion in the previous year. The company’s active M-Pesa subscribers increased by 2.1 million, according to the chief financial officer.
Despite this positive performance, the company faced challenges in its Ethiopian business due to currency fluctuations, resulting in a loss for the NSE-listed firm. This highlights the importance of managing external economic factors that can impact operations in different markets.
Overall, Safaricom’s half-year results reflect strong growth in key digital services like Fuliza, while also indicating areas for improvement and expansion. The company continues to play a vital role in Kenya’s financial ecosystem, offering innovative solutions that cater to the evolving needs of its users.