Let innovations widen financial inclusion

There is a huge demand for credit among Kenyans. People want money to start or expand their businesses; buy a house or simply acquire household appliances. Yet, majority of Kenyans cannot access affordable credit.

However, as a new product by Safaricom and two commercial banks has shown, technology is the harbinger for financial exclusion. Safaricom’s recently launched overdraft facility Fuliza lent out more than Sh1 billion in just one week.