M-PESA Crosses $770 Million Revenue as Financial Services Surge 55% and Fuliza Hits $38 Million
M-PESA has crossed $770 million in revenue in Safaricom's HY2027 results, with the financial services segment growing 55 percent and the Fuliza mobile overdraft product generating $38 million. Transaction volumes rose 48 percent against revenue growth of 13.6 percent, reflecting what Safaricom describes as a deliberate volume-first monetisation strategy rather than a gap in pricing power.
Fuliza: 17 million borrowers, $1.49 at a time
Fuliza's average loan is now $1.49 — down 25% in a year — yet revenue nearly doubled. That gap is the story.
More Kenyans than ever are borrowing, just to complete transactions they already started. That's not credit in the traditional sense. That's a payment system quietly monetising the moment someone runs short.
The repayment ratio slipping — and Safaricom not disclosing non-performing loan figures — means we genuinely don't know how much stress sits underneath that growth. Seventeen million people borrowing in $1.49 increments is either brilliant financial inclusion or a very large, very diffuse credit risk building quietly inside Africa's most important platform.
3 sources
- Safaricom is betting that more M-PESA transactions will deliver value beyond payment fees · techtrendske.co.ke · T2
- Safaricom makes more from M-PESA overdrafts as borrower numbers surge · techcabal.com · T1
- Safaricom’s M-PESA hits record $770m revenue as financial services surge 55% · technext24.com · T2