Safaricom's Fuliza Borrower Base More Than Doubles to 18.1 Million as Merchant Loans Sour

Safaricom's Fuliza mobile overdraft product has grown its borrower base to 18.1 million, more than doubling from prior reported levels, while souring merchant loans are flagging embedded credit risk at scale. The divergence between borrower growth and loan quality signals a potential stress point in Kenya's largest mobile credit facility.