Huawei has been awarded as the Most Innovative Service at the recent AfricaCom 2019 in Cape Town, South Africa. The Business of Tomorrow awarded was given jointly to Huawei and Safaricom.
This award appreciates the two companies for the new Mobile Money Overdraft service they have introduced. This service, “Fuliza”, allows M-Pesa users with a low balance in their accounts to borrow money to complete their transactions.
This service was launched back in January 2019 and has gained some popularity in Kenya where Safaricom has over 23.6 million M-PESA users. In the first month, Fuliza transactions hit KES 6.2 Billion (USD 62M) in Kenya.
Fuliza is empowered by the Huawei Mobile Money Finance Overdraft Platform which allows the design, development, and deployment of innovating finance products. This platform was created to enable credit overdraft facilities in multiple payment scenarios in a highly secure and stable way.
Michael Joseph, CEO, Safaricom said “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.”
The Director of Marketing & Solution Sales for Huawei Southern Africa Region, David Chen, said:
“Financial services requires 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.”