from MTHULISI SIBANDA in Cape Town, South Africa
CAPE TOWN – HUAWEI and Safaricom have received the prestigious Most Innovative Service – the Business of Tomorrow- award for the revolutionary mobile money overdraft service that has gained popularity in Kenya.
The award has been clinched at the AfricaCom, the continent’s biggest telecoms and technology event held annually in Cape Town, South Africa.
The accolade recognises the service, known as Fuliza, which enables users with insufficient funds in their M-PESA accounts to borrow money to complete their M-PESA transactions.
Fuliza was officially launched in January 2019 in Kenya, where Safaricom has over 23,6 million M-PESA users. Kenyans transacted over KSh 6,2 billion (US$ 62 million) in Fuliza’s first month after its launch.
Michael Joseph, Chief Executive Officer of Safaricom, said M-PESA, launched in 2007, continued playing a leading role in deepening financial inclusion in the East African 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,” Joseph said.
He added, “We are glad to partner with Huawei in bringing this commitment to life.”
Huawei Mobile Money Finance Overdraft Platform, which allows design, development and deployment of innovate finance products, powers Fuliza.
This platform was created to enable credit overdraft facilities in multiple payment scenarios in a highly secure and stable way.
Huawei and Safaricom have over the years partnered to improve mobile financial services and developing new products, especially for loans and savings particularly to individuals and small and medium enterprises.
David Chen, Director of Marketing and Solution Sales for Huawei Southern Africa said financial services required security and stability.
“These two elements are in the DNA of all Huawei’s ICT solutions,” Chen said.
“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.”
Meanwhile, at the AfricaCom Awards, Huawei and Orange were jointly recognised with the Best Network Management Software Award.
– CAJ News