Safaricom CEO Peter Ndegwa has said Fuliza will not go anywhere even as the Kenya Kwanza's Hustler Fund turned out to be successful.
Speaking during an interview with Citizen TV, Ndegwa explained the difference between Fuliza and Hustler Fund.
"Our customers pay Fuliza overdraft at a limited time of five days, as Hustler Fund is a personal term loan to be paid after 14 days," he said.
Ndegwa further stated that the cost of Fuliza has been reduced to enable customers access the overdraft freely.
"The overdraft helps a customer to get credit when they are in need," he said.
The CEO said the telecommunications companies role in the initial launch of Hustler Fund was to provide customer service elements and banks disburse the funds through the companies.
"The intention was to allow ordinary people to access loans in a way we call digital-first, through their phones using sim cards," he said
So far over 18 million Kenyans have opted into the hustler fund, after its launch in November 2022 by President William Ruto.
