Safaricom has slashed the cost of Fuliza loans below Ksh. 1,000 by 40 percent.
The firm has however retained the Ksh. 1 percent access fee on all borrowings and also introduced a three-day grace period for the daily maintenance fees.
This means that Fuliza loans below Ksh. 500 will attract a daily charge of Ksh. 3 down from Ksh. 5.
Ksh. 1,000 Fuliza Loans will come down from a daily charge of Ksh. 10 to Ksh. 5.
The review comes just a few days after a joint report by Delotte and data firm DataEQ showed that a majority of Kenyans on Twitter are frustrated with the cost of the overdraft facility.
“Despite acknowledging the convenience offered by M-Pesa, Kenyan consumers expressed unhappiness around how quickly the fees and related charges add up and developed workarounds,” the report stated.
Fuliza, which is owned 40 per cent each by Safaricom and NCBA and 20 per cent by KCB Group, has quickly grown in popularity since it was launched in early 2019. It now has more than 1.7 million active daily users.
The new tariffs will start once you have fully settled your debt.